The information below has been supplied by dairy marketers and other industry organizations. It has not been edited, verified or endorsed by Hoard’s Dairyman.

The Farm Credit Administration is encouraging Farm Credit System (System) institutions to work with System borrowers who have been affected by Hurricane Florence. System institutions can alleviate the stress of 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
  

“In times of natural disaster, our regulations give System institutions flexibility in providing disaster relief,” says Dallas P. 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, which brought high winds and catastrophic flooding to parts of the Carolinas and Virginia earlier this month, claimed the lives of more than 40 people and inflicted 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. In addition to bringing hardship to System borrowers, disasters like Hurricane Florence may also impair the ability of System institutions to comply in a timely way with regulatory reporting and publishing requirements. Institutions should contact the director of FCA’s Office of Examination if they need relief from specific regulatory or reporting requirements. “Our thoughts are with everyone who has been impacted by this devastating storm,” says Chairman Tonsager.