Puerto Rico Farm Credit to help farmers handle COVID-19 emergency
Puerto Rico Farm Credit confirmed it will be offering local farmers affected by the COVID-19 emergency options to get financial assistance available through the U.S. Small Business Administration’s Paycheck Protection Program.
The SBA has selected a number of financial institutions in Puerto Rico to help the different sectors. The program offers employers a loan to cover payroll, which could be forgiven if they comply with federal job-retention provisions, among other requirements.
“We’re working to add loans and grants approved through SBA to our local platform, so that we can provide these financial solutions to our farmer clients,” said Puerto Rico Farm Credit President Ricardo L. Fernández.
Puerto Rico Farm Credit has also designed a COVID-19 economic relief program for farmer clients that have been impacted by the current crisis on the island.
The alternatives include a moratorium plan on loan repayment, covering principal and interest, for three months. Other options available to support clients include collateral-free loans of up to $25,000 maturing at three years or $50,000 for five years.
The federal aid program has specific eligibility requirements, essential to apply for this economic relief, which include documents related to payroll and business operations, he said.
“We encourage people who aren’t Puerto Rico Farm Credit clients to find out more and and access the information available through the SBA’s website to confirm their eligibility,” said Fernández, adding that, if eligible, applicants will be able apply for the aid as established by the SBA program.