The Marathon County Farm Service Agency (FSA) announces that distress loans have been approved for Wisconsin’s 2011 corn and soybean crops due to the high volume crop harvest which may cause storage shortages in the state.
“The distress loans were approved for Wisconsin producers having difficulty in finding adequate acceptable storage for their 2011 corn and soybean crops. Producers can obtain short term commodity loans on grain stored on the ground or in temporary structures,” said Brad Pfaff, Wisconsin FSA State Executive Director.
Distress loans have a three-month term and are only authorized when there is a shortage of storage at harvest time on the farm or in local warehouses. These loans mature on demand, but no later than 90 calendar days after the date the loan is disbursed. Loans must be repaid at principal, plus interest.
Distress loan requests must be made and loan documents signed within 30 days after the completion of harvest of the commodity. Producers have the option to move the commodity into eligible storage and repledge for a regular nine-month marketing assistance loan.
Producers interested in obtaining a distress loan should contact the Marathon County FSA office at (715) 848-2330 for more information.