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Agriculture Commissioner Susan Combs announced that farmers and ranchers in disaster-declared counties who suffered crop and livestock losses from Hurricane Rita can apply for the Texas Department of Agriculture's Linked Deposit Program for assistance. Primary counties under the Presidential Disaster Declaration are Chambers, Galveston, Hardin, Jasper, Jefferson, Liberty, Newton, Orange and Tyler.
"The Linked Deposit Program is available to help producers who lost livestock or other agricultural commodities," Combs said. "Eligible producers can work with their local lender to refinance existing debt or help re-establish their operation at a reduced interest rate through the program."
Producers eligible for the Linked Deposit Program must have suffered an agricultural loss in a county that has received a primary Presidential or Secretarial Disaster Declaration from a natural disaster. Eligible producers must have a loan approved by an eligible lender who then will submit the completed application to the Texas Agricultural Finance Authority for approval. If approved, the bank's loan rate would be reduced to an interest rate that is established at the time of closing.
The maximum loan amount financed for disaster relief under the Linked Deposit Program is $250,000 per applicant. Applications are subject to the availability of funds in the program.
For more information on the Linked Deposit Program, contact the Texas Department of Agriculture at (512) 936-0273 or visit the Web site at www.agr.state.tx.us under the "Finance, Agribusiness and Rural Economic Development" section.
