What should you do when your borrower becomes ill?

Description

Abstract: Dealing with a borrower who has become ill or injured creates unique challenges for a lending relationship. Creating trust and ensuring good communication will become even more important if the borrower is a sole owner who, through some unforeseen event, such as illness, becomes unable to meet the payment terms of a loan. This article offers some strategies for lenders when a loan becomes endangered by borrower illness, including keeping communication channels open and suggesting a temporary surrogate to take over until the borrower is able to reassume management of the company.