April 21, 2020

To our customer-owners,

As we enter another week of social distancing and shelter-in-place practices in Mississippi and Louisiana, we want to assure you that our borrower-owners remain top of mind. Our team is committed to providing you with the customer service and financial assistance that you deserve. In this ever-changing environment, please know that our commitment to serve agriculture and rural communities remains constant.

We know that some of our borrowers have been adversely impacted by COVID-19 and/or the vicious storms that have blown through our area. We have the following relief options available if you have been negatively affected:

• Waived fees for late payments: Waivers including any penalty interest assessments and late fees. Loan or billed principal and interest will not be waived.
• COVID-19 & Severe Weather Payment Deferral Program: Allows borrowers to defer installments over a 90-day period for a total of six months.
• Farm Freedom Line of Credit: Allows for a short-term, unsecured line of credit to eligible borrowers up to $25,000 to be used for household expenses, rents, other debt obligations and any other needs that will aid in the reduction of stress and anxiety during these volatile times.
• Term/Maturity Extension (for existing cattle, poultry and operating loans only): Allows 90-day extensions of the terms of loan installments and/or maturities of loans.
• Loan Reamortization/Refinance (under certain situations): Allows reamortizations and refinances to alleviate the strain of debt service caused by COVID-19 and the recent severe weather events.
• Easing some loan documentation or credit-extension terms for new loans to certain borrowers: Allows any of the above options to be processed with minimal servicing documentation consisting of a Deferral/Extension agreement executed by the borrower and action completed by the loan officer.

We encourage you to reach out to your loan officer to discuss your changing financial needs and options above so that we can determine the best response and provide necessary support. See our relief options.

We will continue to monitor public health concerns and economic climate to adjust our delivery of services accordingly. While our branches may be closed to the public, our staff is dedicated to serving you remotely and our loan officers continue to meet with borrowers either by phone or by appointment if needed. See a list of our branch locations.

As a reminder, you can access your accounts and services online, by using Ag Banking Online. If you do not have an online account, you can enroll online. You can download our Mobile Banking App by searching for Southern AgCredit in your mobile device’s app store. We are also happy to assist you via email or phone.

We will continue to post updates regarding COVID-19 to our website.

Thank you for your continued trust in Southern AgCredit.

Phillip D. Morgan

Chief Executive Officer
Southern AgCredit