(a) The Board of Directors of the Economic Development Bank is hereby authorized to grant emergency loans from the Farmers and Fishermen's Revolving Loan Fund, pursuant to Title 11, section 1405, subsection (a), paragraph (2), to farmers and fishermen who suffer damage to, or loss of, their equipment from the effects of any hurricane or major storm.
(b) Except as provided in subsection (c) of this section the emergency loans authorized in subsection (a) of this section shall not exceed $10,000 to any single applicant, and shall be in addition to any other loan outstanding at the time of application.
(c) Notwithstanding the provisions of subsection (b) of this section, emergency loans in an amount not to exceed $40,000 may be granted to fulltime farmers and fishermen pursuant to subsection (a) of this section. For the purposes of this subsection, “fulltime farmers and fishermen” are those who derive at least 55 percent of their annual gross income from farming or fishing.
(d) Applications for a loan under subsection (a) of this section shall be accompanied by a notarized statement of loss or damage. All rules and regulations currently in force as to security and terms of repayment for loans shall apply to loans granted pursuant to this section.