The Farm Credit Administration is encouraging banks in the Farm Credit System to work with System borrowers affected by Hurricane Florence. FCS says institutions in the system can alleviate the stress of borrowers affected by natural disasters in several ways, including by extending terms of loans repayments, restructuring borrowers’ debt obligations, and easing some loan documentation or credit-extension terms for new loans to certain borrowers. “In times of natural disaster, our regulations give System institutions flexibility in providing disaster relief,” said Dallas Tonsager, FCA board chairman and CEO. “We encourage institutions to use this flexibility to help borrowers get back on their feet following disasters like this one.” For more information, see FCA’s policy statement on disaster relief efforts by Farm Credit System institutions. Hurricane Florence brought high winds and catastrophic flooding to parts of the Carolinas and Virginia last month, resulting in more than 40 deaths and significant economic damage. Many ag producers suffered heavy losses. Among the commodities hardest hit are tobacco, cotton, poultry, and hogs. Losses for producers of sweet potatoes and peanuts may also be significant, but the extent of the damage to these commodities is not yet known.
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