Altabanking Episode 3 with Judd Kirkham

March 27, 2020

KSL and Judd Kirkham KSL Radio Transcript:

Segment title: “A New Normal for Consumers and Businesses”

GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Judd Kirkham is the Executive Vice President / Chief Credit Officer of Altabank. And Judd we’re experiencing a new normal and, as we saw last week, the US Treasury has moved the  income tax filing deadline to July. What additional support for consumers and businesses do you think we will see.

JUDD: There is support from many stakeholders when it comes to payment relief, from bank regulating agencies, federal loan guarantee programs such as the SBA and USDA, mortgage agencies such as Fannie and Freddie, as well as Banks across the country.

Bank regulators have encouraged financial institutions to work with affected customers and communities, so long as it is consistent with safe and sound banking practices and applicable laws.  This will serve the long term interests of communities and the financial system.

Congress has also recently approved a 2 trillion dollar stimulus package with the details unfolding. It will be directed at both consumers and businesses. 

GRANT: What options do customers have right now when it comes to consumer loans?

JUDD:  Some banks are being proactive and making these offers before consumers ask. For example, Altabank consumer loan customers will be receiving a payment deferment letter this week, offering payment deferrals on consumer loans up to 3 months. There will be no fee for this.

GRANT:  What should customers know about the status of commercial loans during this time?

JUDD: Commercial loan programs are being developed to defer payments for up to 6 months.

Businesses should be in contact with their relationship manager at their bank to help them understand their needs and what options might be best.

It’s important to be able to demonstrate to your banker that your company was in good health prior to the COVID-19 virus as well as how your company has been impacted.

GRANT:  Earlier you mentioned the SBA disaster assistance loan program. Can you tell us more about that?

JUDD: This is an important program and additional information will be on Altabank’s website but… It’s a disaster assistance loan program provided directly through the SBA unlike traditional guaranty programs. Borrowers may apply for the loan online at  We have a link on our web site as well.

GRANT:  Judd Kirkham, Executive Vice President / Chief Credit Officer of Altabank. And this has been Altabanking, brought to you by Altabank.