News & Resources

Another disaster declaration helps farmers obtain alternative finance

Jul 19, 2012 Sean Albert

Throughout the past two seasons, the United States has experienced very unfavorable weather conditions in locales spanning from coast-to-coast. Ski towns were crushed by low attendance due to a warm winter, while the dry spring that followed has caused many states to expect large deficits resulting from low crop yields. However, state and federal officials are working to ease the blow of some of these droughts by declaring a state of emergency. This allows farmers to obtain lines of alternative finance to get through the turbulent times and live to grow another day. The loans, for qualified farmers, are issued with very low interest, and have several other benefits. WFIE 14News, a local CBS affiliate in Indiana and Kentucky, recently reported that a growing number of Kentucky, Illinois and Indiana regions are being declared as drought disaster zones. The news provider notes that the Department of Agriculture in Kentucky released a map of the affected regions, which showed much of the Tri-State area to be affected. Other states that have declared disaster conditions includes Colorado, where drought has lead to serious wildfires and loss of crops. Alternative credit lines have become a lifeline for many farmers, while the federal Department of Agriculture has worked to assist farmers in obtaining these finances.