FCA encourages farm credit institutions to help flooded areas
The Farm Credit Administration said today it is encouraging Farm Credit System institutions to work with system borrowers who have been affected by the extensive flooding in the Midwest.
In a news release, FCA said system institutions can alleviate stress for borrowers affected by natural disasters in several ways:
▪ Extending the terms of loan repayments.
▪ Restructuring borrowers’ debt obligations.
▪ Easing some loan documentation or credit-extension terms for new loans to certain borrowers.
“FCA regulations and the solid financial position of system institutions offer considerable flexibility in providing disaster relief,” said Dallas Tonsager, FCA board chairman and CEO. “We encourage institutions to use this flexibility following disasters like this one to help borrowers get back on their feet.”
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