FRANKFORT — Kentucky Agriculture Commissioner Ryan Quarles says major farm credit firms have told him they are united to help the state’s farmers get through the coronavirus pandemic.
Quarles has joined Central Kentucky Ag Credit, River Valley Ag Credit, and Farm Credit Mid-America to reassure Kentucky farm families that the state’s farm credit associations are ready to assist farmers during the crisis.
“Many Kentucky farm families are concerned about their financial situation given the coronavirus pandemic,” Quarles said. “I applaud the farm credit associations in Kentucky for being proactive in working with producers during this time. While it is early in this pandemic and each case is different, any producer who is concerned about their financial obligations should contact their lender and start conversations early.”
Leaders of the three farm credit organizations have told the Kentucky Department of Agriculture that they recognize the significant stress the pandemic is putting on farmers across Kentucky and are committed to standing by customers until this situation is resolved.
The farm credit associations in Kentucky are using flexibilities afforded by their cooperative structure, financial strength, and passion for purpose to help alleviate the stress for borrowers affected by the COVID-19 pandemic in several ways, including:
• Extending the terms of loan repayments;
• Restructuring borrowers’ debt obligations;
• Working with each customer to understand their situation and find solutions that best fit their individual need.
Those who need face-to-face conversations should call their local office to make an appointment. For those who prefer to limit in-person contact with others at this time, a range of online and electronic services such as online banking tools are available on the website of each ag lender.