Agribusiness Relief Assistance
June 3, 2020 - Interra Credit Union has witnessed the impact the novel Coronavirus has had nationally but, most importantly, right here in our own communities. During this difficult time, we want to remind you that you are not alone. Interra is here to walk alongside you to provide assistance and options.
Helpful to our agribusiness members, the U.S. Department of Agriculture (USDA) has announced the creation of the Coronavirus Food Assistance Program (CFAP) as part of the CARES Act. This program will provide $16 Billion in direct financial relief to producers who have faced a five-percent or greater price decline and/or who have experienced additional market supply chain costs due to COVID-19. Eligible commodities for this program include:
- Non-Specialty Crops (i.e. corn, soybeans, sorghum)
- Specialty Crops (i.e. specific fruits, vegetables and nuts)
Click here to view all eligible commodities.
The CFAP is now accepting applications through August 28, 2020. To apply, you are encouraged to work with your local Farm Service Agency. The USDA Service Centers are open by phone appointment only. Click here to learn more about eligibility, where to locate your local farm service agency, the application process, and additional information.
Additionally, the USDA has other programs and services available for farmers. Click here to learn more.
Interra Business Relief Program
Interra has created the Business Relief Program to assist our business partners affected by COVID-19. This is eligible to any business, including agribusiness, who is in good standing and has been a member with Interra since March 1, 20201. It provides:
- Lending up to $10,000
- 2.99% APR for 6-month loan; 3.49% APR for 12-month loan
- Single pay due at maturity (P&I)
- Loan is unsecured
- Loan processing fee waived
During this challenging and uncertain time, we want you to know you’re not alone. Your friends at Interra have stayed committed to providing you with the best resources and assistance possible. We’re all IN this together!
For any questions or to set up an appointment, you may contact your lender directly or reach us at 574-534-2506.
1Business relationship loans must not be 30 days or more delinquent. Minimum borrower or guarantor credit score of 680 is required. Guarantor required on for-profit businesses. Business Relief Loan for 6-months at 2.99% APR will have a single pay of $10,087.39, and $10,190.16 for the 12 month 3.49% APR, due at maturity including interest. If not paid in full, any loan balance remaining at maturity will be converted to a fully amortized principal and interest payment based on current lending rate at that time. Minimal underwriting requirements. Applications must be made by June 30, 2020. Program may end at any time.