Drought-Stricken Farmers Get CU Aid: Print Preview
Longtime farmers are all too familiar with the outcomes when a drought moves in and takes over, killing crops and livestock.
However, the most recent arid conditions have caused some to brace for what could potentially be one of the worst droughts in 50 years.
For situations like the current drought, First Community will use government programs to get the loan guarantees if a farmer’s equity has taken a hit. If a farmer has a really bad year, the credit union will try to restructure the loan. Crop insurance has been a life saver for many farmers because it will make them whole if losses occur. Recovering from livestock losses is another dilemma.
“It’s usually not available and if it is, it’s very expensive, and you can’t really lock in,” Schmitz said of livestock insurance. “A lot of livestock producers don’t have the means to buy it. Everyone who has crops has crop insurance.”