FCC offers support to agriculture and food operations hurt by Fiona
Farm Credit Canada (FCC) is working with customers facing devastating losses and financial hardship caused by hurricane-strength winds that recently ripped through the Atlantic provinces.
“We’re already hearing of significant losses to some operations from post-tropical storm, Fiona – damage to orchards, crops, buildings, equipment, livestock, dairy and aquaculture operations, but we’re only beginning to understand the full extent of the devastation,” said Gil Miner, assistant vice-president for FCC’s Atlantic operations.
“We won’t know the full extent of the damage for a while, but we already know the financial loss is significant, since this storm happened in the middle of fall harvest season,” Miner said. “This could also cause problems for food processors who depend on agriculture production to keep their plants operating at full capacity. With so many links in the supply chain, damage to one part can cause hardship for others.”
Customer support is a central part of FCC’s business. The Crown corporation will consider additional short-term credit options, deferral of principal payments and/or other loan payment schedule amendments to reduce financial pressures on producers affected by this disaster. It will also offer flexibility, based on the individual needs of its customers, to help them through this crisis and on the road to recovery.
“We want our customers to stay focused on taking care of themselves and their families as we help resolve any short-term financial challenges they may be facing as a result of this unprecedented storm,” Miner said. “They have invested years of hard work in establishing their operations and to see so much lost over the course of a couple of days is very disheartening.”
“We have been reaching out to our customers and working with them to find solutions that will help them get back on their feet as quickly as possible,” he said.
Customers in New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland whose operations have been impacted are encouraged to contact their FCC relationship manager, their local office or the FCC Customer Service Centre at 1-888-332-3301 to discuss their individual situation and options.
FCC is Canada’s leading agriculture and food lender, with a healthy loan portfolio of more than $44 billion. Our employees are dedicated to the future of Canadian agriculture and food. We provide flexible, competitively priced financing, AgExpert 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