|
AgCarolina Farm Credit extends loans tied to Tobacco Transition Program Payment
Story Date: 2/20/2014
| |
Source: AGCAROLINA FARM CREDIT, 2/19/14
AgCarolina Farm Credit announced today that customers who have a loan with the cooperative in which the loan is repaid primarily from a Tobacco Transition Program Payment (TTPP) assignment, will receive an extension on their TTPP loan. Loans with a February 1, 2014 maturity will be extended from February 1, 2014 to December 1, 2014.
There will be no fees associated with the extension and the interest rate will remain the same.
AgCarolina President & CEO Dave Corum states, “AgCarolina recognizes this TTPP payment delay was not caused by the farmer and the delay may cause a cash flow burden on some farm customers. To help support our tobacco farm customers, AgCarolina will process TTPP loan payment extensions to help ease this burden.” Customers may take advantage of the extension window or they may pay off their note(s) at any time to avoid additional interest accrual. Payment extensions for loans with maturities after February 1, 2014 will also be considered by AgCarolina on a case by case basis. Borrowers are encouraged to contact their local AgCarolina Farm Credit Office for extensions of TTPP Loans that mature after February 1, 2014.
AgCarolina Farm Credit
AgCarolina Farm Credit is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Farm Credit has over $1.2 billion in loans and commitments outstanding to nearly 3000 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Farm Credit.
|
|
|
|
