Farm Credit Helps Customers Hurt By Severe Weather

Ag lender says full impact of June flooding may not be known for several more weeks.

Published on: Jul 10, 2008

In what's shaping up to be a record-setting severe weather season in the Midwest, many Farm Credit Services of America (FCSAmerica) customers have suffered heavy losses as a result of tornadoes, floods, hail and strong winds. The full impact of the storms may not be known for several weeks as flood waters recede and crop damage is assessed.

"FCSAmerica understands how weather-related disasters can significantly impact farming and livestock operations and is prepared to help customers recover," says Doug Stark, president and CEO. "We have a Disaster Assistance Program in place to provide customers tools they can use to work through the financial stress that accompanies natural disasters."

Financial assistance includes:

* Alternative financial tools and options for customers in disaster areas
* Financial plans for specific operational and financial needs
* Personal on-farm service

"Each farming operation is unique, and we'll work with our customers so they can concentrate on returning their operations to normal without having to worry about their loans," says Stark. "If they haven't heard from us yet, I encourage customers in the impacted areas to call their area office and discuss the options available in the Disaster Assistance Program."

To be eligible for the program, farmers must be located in counties designated by FEMA as disaster areas for crop year 2008. FCSAmerica customers may call their local office or 800-884-FARM for help and information.

FCSAmerica has also donated $25,000 to the American Red Cross for expenses associated with helping residents impacted by flooding and severe weather in Iowa and Nebraska.

Farm Credit Services of America is proud to finance the growth of rural America, including the special needs of young and beginning producers, says Stark. With more than 72,000 customers, assets of more than $13.5 billion, FCSAmerica is one of the leading providers of credit and insurance services to farmers, ranchers, agribusiness and rural residents in Iowa, Nebraska, South Dakota and Wyoming. Learn more at www.fcsamerica.com.  

Equipment flood relief assistance

New Holland, the farm equipment manufacturer, on July 1 announced a flood assistance initiative to aid farmers whose equipment has been damaged by flooding in the Midwest. In conjunction with financial services provider CNH Capital, New Holland will work with affected farmers to revise existing payment plans, or to replace flood-damaged equipment and provide special financing.

Under this flood assistance program, flood-damaged equipment of any brand can be replaced with new New Holland equipment. New Holland is offering special financing to qualifying customers. This offer is available to producers located in any flooded county declared a Federal disaster area in May-June 2008 and is offered on any New Holland equipment in dealer inventory. The program, which is effective immediately, is good through July 31, 2008. (For a list of eligible counties, see www.fema.gov/news/disasters.fema.)  

The flood assistance program is designed to help producers replace flood-damaged equipment quickly, even before an insurance check is issued. To be eligible, equipment being replaced must be like equipment, i.e. tractor to replace damaged tractor, combine to replace damaged combine. Either a copy of the insurance claim or a photo of the flood-damaged equipment must be provided.

Details are available from New Holland dealers, or by contacting New Holland North America toll free at 866-NEW-HLND (866-639-4563).