Tuesday, July 17, 2012
USDA Lowered Emergency Loan Interest Rates to Help Struggling Farmers
Yesterday, United States Senators Charles Schumer and Kirsten Gillibrand announced that United States Department of Agriculture (USDA) Secretary Tom Vilsack has cut interest rates on emergency loans in areas devastated by natural disaster. The current rate of 3.75% will be lowered to 2.25% and the USDA will simplify the process of issuing disaster declarations, resulting in a 40% reduction in processing time for counties affected by disaster. After Tropical Storms Irene and Lee, Schumer urged Secretary Vilsack to lower interest rates for Emergency Loans to make it less expensive for struggling farmers across New York to recover and rebuild.