Resources

Payment Deferral Program

As the coronavirus (COVID-19) pandemic continues to impact our nation and the world, we at Farm Credit of Southern Colorado are acutely aware of the challenges this virus and related economic shock has presented to our customers. In response to this evolving situation, we have created a special relief assistance program to support our customers in a time of need.

Payment Deferral Relief Option

This farm loan payment deferral is offered without a fee as of April 1, 2020 and you may choose loan by loan to opt in now or at any time within the current fiscal year. Your elections will apply to all future payments.

Monthly Payments

You can elect to defer up to three consecutive monthly payments of principal and interest. The deferred payments will be added to the end of the loan resulting in a larger balloon payment due at maturity. We will consider extensions of maturity when the loan approaches the balloon payment.

Quarterly, Semi-Annual & Annual Payments

You can elect to defer up to one quarterly, semi-annual or annual payment of principal and interest. The deferred payment will be added to the end of the loan resulting in a larger balloon payment due at maturity. We will consider extensions of maturity when the loan approaches the balloon payment.

Frequently Asked Questions

What is the Payment Deferral Program?

As COVID-19 continues to impact our nation and the world, our team here at Farm Credit of Southern Colorado are intensely aware of the challenges this virus and related economic shock has presented to our customer base. In response to this unfortunate evolving situation, we have created a special relief assistance program to support our customers in this extreme time of need.

This option is offered without a fee as of April 1, 2020 and may be a choice of either loan by loan to opt in now or at any time within the current fiscal year. Your personal elections will apply to all future payments. Feel free to give our team a call today for further answers.

Who qualifies?

All loans must be in good standing and current with Farm Credit of Southern Colorado as of March 1, 2020 to be eligible and considered. We will contact you if any of the loans you submit do not qualify. This is exclusively for term lending.

Are leases eligible?

Leases are not eligible for these particular programs. However, please contact your relationship manager or leasing specialist if you would like to request a lease payment deferral.

What info do I need to provide?

You will need to confirm your loan account numbers to enroll into this relief program.

In these uncertain times, it is important that we focus on supporting those around us. We sincerely hope this program will help make a difference for you and your family. If you have any questions, please contact your Loan Officer.

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