Chairman and CEO of the Farm Credit Administration Dallas Tonsager says it’s important that the farm credit system lenders work with producers impacted by Hurricane Harvey.
FCA Board Policy Statement 71 was adopted in 2011 and Tonsager it helps “System institutions to have considerable flexibility under existing FCA regulations to provide disaster relief.”
Some examples include extending terms of loan repayments, restructuring borrower’s debt obligations, easing some loan documentation or credit-extension terms for new loans and much more.
Tonsager says these steps can help, “Alleviate financial stress for borrowers who have lost crops and/or must repair or replace damaged equipment and buildings.”
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