Farmers Community

COVID-19 Relief Program

For the past 80 years we have served our community and have been a pillar of strength and stability–especially in times of need.  COVID-19 will be no different.  We are committed to supporting you and your business needs throughout this uncertain time.

Our COVID-19 Relief Program is designed to help alleviate the financial hardships, and undoubtedly the stress, you may face as a result of workplace changes, illness, or caring for your family.

Below is a summary of the relief available for our customers.  In order to be enrolled in and receive benefit of the relief programs described below, you must contact your loan officer or account representative at Farmers & Merchants Bank.  Your loan officer or account representative will assist you with completing the forms that must be filled out and returned to Farmers & Merchants Bank.

For assistance or questions regarding any of the COVID-19 Relief Programs at Farmers & Merchants Bank, please contact your loan officer or account representative directly via email or his/her direct line.  You can also call the bank at 920-361-1454 or send an email to covid19relief@fmberlin.com with the subject line of COVID-19 Relief Request.

 

Relief for our Consumers:

  • Consumer Credit Card Payment Relief-Customers may be able to skip a monthly payment with our "skip a payment feature."  Finance charges will continue to accrue. 
  • Consumer and Mortgage Loan Payment Deferral Program- If you are facing financial hardships due to COVID-19, Farmers & Merchants Bank has made available a payment deferral plan for up to 60 days.
  • Consumer Loan Late Fee Suspension- Late fees have been suspended for April and May of 2020, to allow our customers the opportunity to adjust to changes due to COVID-19.

 

Relief for our Business Owners:

  • Business Loan Payment Deferral Program-If your business is facing financial hardships due to COVID-19, Farmers & Merchants Bank has made available a payment deferral plan for up to 60 days. 
  • Business Credit Card Payment Relief- Business customers may be able to skip a monthly payment with our "skip a payment feature."  Finance charges will continue to accrue. 
  • Business Loan Late Fee Suspension-Late fees have been suspended for April and May of 2020, to allow our customers the opportunity to adjust to changes due to COVID-19.
  • SBA Loan Programs- The U.S. Small Business Administration (SBA) is offering federal disaster loans to assist businesses affected by COVID-19.

 

SBA Loan Programs:

You may have received information from colleagues or partners regarding the Economic Injury Disaster Loans being offered by the Small Business Administration (SBA) to assist businesses with the economic hardships being caused by COVID-19.  These specialized loans are offered by the SBA, not banks.  Consequently, Farmers & Merchants Bank, and other banks cannot accept or process applications for the Economic Injury Disaster Loans being offered by SBA

How to apply for SBA Loan Programs

What you should know before applying:

  • You may experience high call volume and waiting times 
  • The website may be slow due to high volume
  • Approval is based on credit history and ability to repay (ATR)
  • Must be able to show that your business has suffered due to COVID-19
  • No payment for the first 12 months
  • Rental property owners are eligible
  • This program is not for Agricultural Loans.  Agricultural borrowers need to use FSA or USDA programs
  • Processing times may vary based on volume
  • Form submission preferred through website, however can be emailed

 

 

*The Wisconsin Economic Development Corporation (WEDC) is also working on organizing a network of statewide financial institutions (Farmers & Merchants Bank is not currently one of them) to accept applications for grants to businesses with less than 20 employees that have been affected by COVID-19 to assist with rent or payroll expense.  Additional information regarding this can be found here

 

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