Forbearance for your commercial financing

 

Branch business customer, if you are experiencing a deterioration in your financial situation as a result of COVID-19, we may have alternatives for your commercial financing.

 
 

We are offering the following options for your commercial loan if your financial situation has been directly or indirectly affected by the COVID-19 emergency.

Through this new digital tool, you will be able to apply for a forbearance that will make it possible to postpone up to three (3) payments as a way to ease your financial burden during this emergency. Below, we describe the process as well as the steps you must take to complete your application and be evaluated:

  • Carefully read the forbearance’s terms and conditions.
  • Pay attention to the disclosures for customers with scheduled payments via Direct Payment / Direct Debit.
  • Enter the requested information and describe the financial circumstances that motivate your request.
  • Confirm your acceptance of the terms and conditions.
Important:

If you have more than one commercial loan, you must complete an application for each loan and meet the requirements in order to be considered for this forbearance.


This alternative will only be available for commercial term loans and commercial lines of credit, excluding B-Smart and FlexiLínea. If your commercial credit relationship is handled by a relationship officer at the Commercial Banking Center, not by a branch or another Popular business unit, please fill out this document and then your assigned relationship officer will contact you to formalize an additional step.


It is important for you to be aware that this forbearance will not cover any payments that become due after June 30, 2020. If you apply for and are approved for a three (3) payment forbearance, beginning with the March payment, you must make your next payment in June. If, on the other hand, you apply for and are approved for a forbearance that begins with your May payment, your forbearance will only cover the months of May and June. In that case, you must make your next payment in July.

Disclosures

Direct Payment / Direct Debit

If you have Direct Payment scheduled, once we confirm your eligibility and approve the forbearance, you expressly authorize us to DEACTIVATE the scheduled Direct Payment for your commercial loan during the forbearance period. You also authorize us to REACTIVATE Direct Payment at the end of the forbearance period under the terms of the original authorization.


Escrow Account

During the forbearance period, Banco Popular will continue paying Hazard and Flood (if applicable) insurance premiums as well as Property Taxes. To the extent that you will not be contributing the amounts corresponding to these insurance coverages and/or taxes on your escrow account, once this period has ended, the Bank will analyze your escrow account and calculate the accrued deficiency during this period. The result of this analysis will be reported to you on the annual disclosure you receive every year. You may choose to pay this deficiency in a single payment or prorate the total due over the twelve (12) months following the forbearance period.


Bankruptcy

If you are in an active bankruptcy proceeding or have received the discharge, you acknowledge and accept that if you receive a communication from Banco Popular in relation to this application, it does not constitute an attempt to collect a debt nor does it impose personal responsibility upon you for collection of the debt. It is important that you consult with your attorney to discuss any questions or concerns about this application and provide the necessary information to comply with any requirement or order of the Court or the trustee.


Commercial Banking Center Customer

If your commercial credit relationship is handled by a relationship officer at the Commercial Banking Center, not by a branch or another Popular business unit, your assigned relationship officer will contact you to complete the forbearance request, as necessary.

 

Forbearance Application

 
 

Complete the following information:

Your application was submitted successfully.

In the next seven (7) to ten (10) business days you will a receive a communication from Banco Popular regarding your forbearance application.

We appreciate your trust.

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