Help for Businesses
If you are concerned about making your business loan payment due to a declared natural disaster, you can apply for assistance. MIDFLORIDA has a couple of options available, beginning with your next payment:
- Skip up to the next 2 monthly payments
- Modify your payments to interest only for up to 5 months
Understanding Relief Options
Questions and Answers
To request payment assistance, complete the form below. Your loan officer will be notified and contact you to begin the process.
Please DO NOT include any personal information, such as account numbers.
Understanding Relief Options
Using a change in terms agreement for the forbearance plan, MIDFLORIDA can temporarily suspend or modify your business loan payments. Interest will still accrue. All parties to the loan (Borrowers and Guarantors) must agree to the agreement.
Benefits of the relief options:
- Gives your business time to recover if it was affected by a natural disaster.
- Frees up cash to spend on business expenses during the relief period.
Risks of the relief options:
- Interest will continue to accrue which means you will end up paying more over the life of the loan.
- Existing amortization period will be extended which will result in a larger final principal payment due at maturity.
Questions & Answers
What is a forbearance plan?
A forbearance plan is a temporary suspension or modification of your monthly business loan payments intended to allow you time and flexibility to manage the financial challenges your business may face after a hardship. A forbearance plan is not forgiveness of any portion of the debt, and interest will be due on the missed payments.
Am I eligible for forbearance?
The business loan must be current, meaning any payments due prior to the relief request must be paid. A Borrower must have one or more of the eligible hardships identified below in order to be eligible for certain relief or workout options.
- Damage resulting from a natural disaster
- Reduction of income caused by circumstances outside the Borrower’s control
- Increase in business expenses caused by circumstances outside the Borrower’s control
Is a forbearance plan right for me?
A forbearance plan may be helpful for you if you need a temporary breather from making your monthly business loan payments after your hardship. However, we are not able to tell you if a forbearance plan is right for you. If you are not sure, we encourage you to speak with your accountant or attorney before making that decision.
Will the missed payments be added to the end of my loan?
No, once the agreement has expired, any accrued interest you did not pay during the term of the agreement will be immediately due. Any missed principal payments will be added to the principal due at the maturity of the loan.
What options will be available to me if I cannot pay the full amount of the accrued interest at the end of the forbearance plan?
This will depend on multiple factors, including the type of business loan you have. We are focused on doing all we can to help our members. Please contact your loan officer if additional assistance is needed. Providing all outstanding financial information, as required by your loan documents, will be necessary for us to approve any additional assistance.
What happens if my business loan includes escrow payments?
Escrow payments if any, are not deferred and the missed payments will result in an escrow shortage, which will affect the amount of subsequent escrow payments.
What if I previously had a modification or other workout plan?
You may apply for any of these options at the end of the new forbearance plan, but we cannot guarantee you will be approved for any of the available options.
How will a forbearance plan impact my credit?
At MIDFLORIDA, business loans are not reported to a credit bureau reporting agency.
What if I am set up on AutoPay?
- Skipped Payments: Your AutoPay will also be skipped.
- Modified Payments: Your AutoPay will transfer the interest billed amount due.
Can I cancel the forbearance plan later if I decide I don’t want it anymore?
Yes, you can always cancel the forbearance plan before its scheduled end date. Just remember that when the forbearance plan ends, you will be immediately responsible for any unpaid accrued interest.
Are there other sources available to me to receive help?
Yes, if you are impacted by a hardship or a disaster you may also receive help from:
What if I still have questions or would like to proceed with a forbearance?
If you still have questions or would like to proceed with the forbearance, we’re here to help. Please call your loan officer for assistance. If you are unsure who that is, please call MIDFLORIDA’S Commercial Loan Servicing Department at (863)616-4150 or by email to email@example.com. They will put you in touch with your loan officer for assistance.