The Commonwealth Development Authority board of directors has adopted a resolution that calls for a loan program partnership with the U.S. Department of Agriculture-Rural Development.<\/p>\n
CDA board chair Sixto Igisomar said the board decided to go ahead with the program in a meeting Thursday to help more families or small businesses cope in the aftermath of typhoons.<\/p>\n
Igisomar said that both the CDA and the USDA-RD will provide an initial capital of $500,000 each to start the program. He said the program would give out up to $25,000 in commercial and or agricultural loans.<\/p>\n
\u201cWe\u2019d start it as soon as the money comes in,\u201d he said.<\/p>\n
In previous years, the CDA had assisted farmers whose crops were destroyed by weather disturbances in the Commonwealth. The CDA then worked with the USDA\u2019s Farm Service Agency in developing a special program to help local farmers, including those in the aquaculture business.<\/p>\n
Under the program, called Agricultural Risk Protection 2002, farmers would pay $100 service fee per crop. Crops that were eligible included 60-day crops, aquaculture, and ornamental nursery. <\/p>\n
This insurance, CDA said, would not only help affected farmers but also provide the necessary boost for the local agricultural industry.<\/p>\n
Insurance companies in the Commonwealth normally exclude crop and marine insurance, which render the farming and fishing industry vulnerable in times of economic hardship. <\/p>\n","protected":false},"excerpt":{"rendered":"
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