FCC supports Western Canadian producers impacted by hot, dry weather
Farm Credit Canada (FCC) is offering a customer support program to farmers and ranchers across western Canada who are facing production challenges due to adverse growing conditions.
Many parts of Western Canada haven’t received any significant rainfall through the spring and summer months. Extreme heat and dry weather have already reduced the potential yield of many crops. The unfavourable weather has also stifled pastures and hay production in many areas.
“We are watching the weather situation very closely and are talking to customers daily,” said Michael Hoffort, FCC President and CEO.
“We already know that several ranchers are feeling the impact, while grain and oilseed producers are watching their crops deteriorate in the fields,” he said. “If these conditions persist, many operations could face cash flow challenges, so we want our customers to know we’re ready to support them and find solutions.”
“Our customers work hard to grow high-quality food for consumers at home and abroad, so they deserve our support when facing circumstances beyond their control,” Hoffort added.
FCC will work with customers to come up with solutions for their operations and will consider additional short term credit options, deferral of principal payments and/or other loan payment schedule amendments to reduce financial pressures on those impacted by unfavourable weather.
“Producers across Western Canada are doing their best during difficult circumstances. Our government is working very closely with FCC, provincial partners and stakeholders to respond as quickly as possible to the drought in Western Canada,” said Marie-Claude Bibeau, Minister of Agriculture and Agri-Food. “During these challenging times, Farm Credit Canada is rolling out their customer support program to help farmers with solutions that address their unique financial challenges.”
Customers in Western Canada are encouraged to contact their FCC relationship manager sooner rather than later to allow for the most flexibility in discussing options available to them. Customers can do this by contacting their local office or the FCC Customer Service Centre at 1-888-332-3301.
In addition to working with customers to support any financial concerns, FCC also reminds those who may be struggling to seek support for their mental well-being. For a list of mental health resources, visit FCC Wellness.
FCC is Canada’s leading agriculture and food lender, with a healthy loan portfolio of more than $41 billion. Our employees are dedicated to the future of Canadian agriculture and food. We provide flexible, competitively priced financing, management software, information and knowledge specifically designed for the agriculture and food industry. As a self-sustaining Crown corporation, we provide an appropriate return to our shareholder, and reinvest our profits back into the industry and communities we serve. For more information, visit fcc.ca.
For more information or interviews, please contact:
Farm Credit Canada