FCC supports customers impacted by maple syrup low yields
Farm Credit Canada (FCC) is offering support to customers in New Brunswick and Quebec facing financial hardship as a result of maple syrup low yields in 2018.
An unfavourable change in temperature this spring shortened the maple syrup harvest in parts of both provinces. In New Brunswick, overall yields are being reported at 25 to 33 per cent of the 2017’s harvest. In Quebec, yields varied depending on the area. The total provincial maple syrup production is estimated to be around 70 per cent of the historical average yields and it’s about 40 to 60 per cent for the Bas-Saint-Laurent and Gaspésie regions.
Many producers in both provinces are facing a cash shortfall since they were not able to generate the revenue they were expecting to pay this year’s expenses.
“Agriculture is the only industry we serve, so we have a deep understanding of the challenges that come with the business,” said Michael Hoffort, FCC president and CEO, in announcing the Customer Support Program.
FCC will work with customers to come up with solutions for their operation and will consider deferral of principal payments and/or other loan payment schedule amendments to reduce the financial pressure on producers caused by maple syrup low yields.
“This limited harvest can cause financial challenges for farm operations – not to mention personal hardship and stress,” Hoffort said. “People need support and as a leader in financing to Canadian producers, we have a unique responsibility to step up and help.”
Although FCC customer support is being offered in specific locations, Canada’s leading agriculture lender offers flexibility to all customers through challenging business cycles and unpredictable circumstances on a case-by-case basis.
Customers in New Brunswick and Quebec are encouraged to contact their FCC relationship manager or the FCC Customer Service Centre at 1-888-332-3301 to discuss their individual situation and options.
FCC is Canada’s leading agriculture lender, with a healthy loan portfolio of more than $33 billion. Our employees are dedicated to the future of Canadian agriculture and its role in feeding an ever-growing world. We provide flexible, competitively priced financing, management software, information and knowledge specifically designed for the agriculture and agri-food industry. Our profits are reinvested back into agriculture and the communities where our customers and employees live and work. Visit fcc.ca or follow us on Facebook, LinkedIn, and on Twitter.
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For more information or interviews, please contact:
Farm Credit Canada