WASHINGTON –The Arkansas Congressional delegation today requested Secretary of Agriculture Tom Vilsack extend the loan repayment date for farmers impacted by the collapse of Turner Grain until bankruptcy proceedings are completed.
Commodity Credit Corporation (CCC) extended loan repayment dates for farmers impacted by the collapse of Turner Grain last fall. The repayment extension is set to expire for farmers during the week of February 1, 2015.
“Given that losses may be as high as $50 million, the situation has the potential to be devastating to Arkansas, where one out of every six jobs is tied to agriculture. For these reasons, we respectfully request that the Farm Service Agency (FSA) extend the CCC loan repayment date for those farmers awaiting payment from Turner Grain until bankruptcy proceedings are completed,” the lawmakers wrote.
Turner Grain defaulted on its contracts to farmers last August. In October, the company filed for bankruptcy.