Agricultural Facilities Disaster Loans

Agricultural Facilities Disaster Loans, administered by the North Carolina Agricultural Finance Authority, assist agricultural property owners who have suffered property damage through natural disasters to repair or replace structures and return to their normal work routines as quickly as possible. They are designed to provide loans for damages often not covered by federal disaster funds.

Owners of farm structures at the time of actual damage due to a natural disaster whose losses qualify under a Governor's disaster-area designation or other adequately documented localized natural disaster. The applicant must be an individual or entity located in North Carolina that appears to be a legitimate farming operation, with losses not compensated by insurance or payments from other agencies and losses exceeding $1,000.00.

Apply through the North Carolina Agricultural Finance Authority. Application fee $75.00; borrower pays direct costs for credit report and recording fees; loan processing fee of one percent of face value of loan. Terms: maximum term of 10 years; fixed interest rate for the life of the loan (the page lists 1.30 percent, noted as valid through 12-31-14); secured by a junior lien on real estate. Loan limits: maximum $40,000.00 for repairs to essential farm structures; minimum $1,000.00.