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NORMAL, ILL. – An expected short crop initiated an
assistance plan for clients of 1st Farm Credit Services.
The plan, announced this week by President and CEO Wayne
Gustafson, will offer special rates for clients if
additional funds are needed through the 2006 crop year.
“We
encourage our clients to review their financial situation
now, and take proactive steps with their 1st FCS crop
insurance specialist and loan officer if additional funds
are needed,” said Gustafson.
1st
FCS is participating in the Illinois State Treasurer’s $100
million Emergency Drought Relief Program for farmers. The
program earmarks up to $200,000 per operation for a 6 month
fixed rate. 1st FCS branches have submitted more than $40
million in loan applications on behalf of its clients, and
are awaiting approval from the state.
“We
commend the State Treasurer for committing $100 million of
the state’s deposits for such a cause,” said Gustafson.
“The state’s six month loan program will assist farmers
affected by this year’s drought in paying expenses until
other options such as crop insurance proceeds, operating
loan renewals, or other assistance programs become
available.”
Matt
Ginder, Vice President of Financial Services, says crop
insurance clients should also anticipate harvest needs and
be proactive in communicating with their 1st FCS insurance
specialists. “Contact your 1st FCS crop insurance
specialist now if you anticipate a crop loss, and we will
instruct you on the process and necessary documentation to
properly file a claim,” he said.
Informational meetings are also being scheduled around the
1st FCS 42-county territory. Ginder says the meetings are
designed to help producers understand what to expect during
the claims submission process and the appropriate actions to
take when filing for loss with insurance companies.
“Clients should be receiving postcards in the mail with more
details on these upcoming meetings,” said Ginder. “Contact
your local insurance specialist or call 1-800-444-FARM for
more information.”
1st
Farm Credit Services is headquartered in Normal, and its
offices also can be reached toll-free at 1-800-444-FARM, or
through the organization’s web site at
www.usfarmcredit.com
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1st Farm Credit Services is
the leading provider of farm real estate financing;
operating loans with enhanced cash management options;
equipment and building leasing and loans; farm appraisals;
and a variety of risk management products such as:
multi-peril, revenue protection, hail and credit life
insurance.
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