FSA loans resume

Reported by: Rebecca Rivers
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Updated: 11/06/2013 12:12 pm
The USDA's Farm Service Agency has announced that the processing and disbursement of 2013 crop commodity loans has resumed.

Crop year 2013 Commodity Loan-making was suspended back on October 1 to make changes necessary to accommodate the automatic funding reductions known as sequester.  
  
Sequestration is mandated by the Balanced Budget and Emergency Deficit Control Act of 1985 as amended by the Budget Control Act of 2011.

The Commodity Loan Programs provide interim financing to producers for agricultural commodities stored after harvest and then sold throughout the year.    
  
Producers requesting 2013 Crop Commodity Loans on their harvested commodities now will have a 5.1 percent reduction to the loan amount upon its disbursement, due to the sequestration. 

Commodity loans issued by marketing associations and loan servicing agents are also subject to the sequestration reduction.  

Contact your county FSA office for more information. 
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