ECONOMY QUICK READS WA cherry growers will be able to tap emergency loans after last year's tough season
Cherry farmers in Washington can obtain low-interest federal loans under a disaster declaration for the 2023 growing season.
Weather patterns last year led to a West Coast cherry glut, with an unusually large amount of the fruit harvested in California and Washington around the same time. Fresh sweet cherries are one of Washington’s top agricultural commodities.
“It was hard for the market to absorb,” said Jon DeVaney, president of the Washington State Tree Fruit Association. Growers struggled to get all of the fruit picked, packed and sold. Fruit went unharvested, prices fell. “Growers did lose a good amount of money,” DeVaney said.
Under the declaration, issued by the U.S. Department of Agriculture, cherry growers in 11 Washington counties are eligible for federal emergency loans up to $500,000. Interest rates for USDA emergency loans were 3.75% as of March 1.
https://washingtonstatestandard.com/briefs/wa-cherry-growers-will-be-able-to-tap-emergency-loans-after-last-years-tough-season/