FCC supports Prairie customers impacted by wet weather
Farm Credit Canada (FCC) is offering support to customers in parts of the Prairies facing financial hardship as a result of widespread excessive moisture that has delayed harvest and reduced the quality of this year’s crop.
Areas within Alberta, northern and central Saskatchewan have experienced significant levels of precipitation in late September and early October. Snow and rain have combined to delay harvest and reduce the quality of crops in those areas.
“The last days of harvest normally represent a grain farmer’s profits for the year, but those impacted by weeks of excessive moisture are working hard to take advantage of this break in the weather to salvage the crops remaining in the field from this year’s growing season,” said Michael Hoffort, FCC president and CEO. “This is a stressful time for those whose income has already been reduced due to unfavourable weather, so we want them to know we are here to help them through any financial hardship this moisture-delayed harvest has created.”
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.
“Weather is having a serious impact on farm operations in many parts of the Prairies this fall,” said Lawrence MacAulay, Minister of Agriculture and Agri-Food Canada. “I know our hard-working farmers are doing everything they can to complete this year’s harvest. Along with the suite of business risk management programs available through the Canadian Agriculture Partnership, these measures provided by FCC will help support farmers facing financial hardships.”
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 impacted by wet conditions.
Customers in Alberta, northern and central Saskatchewan 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. As a self-sustaining Crown corporation, our profits are reinvested back into the agriculture and food industry we serve and the communities where our customers and employees live and work while providing an appropriate return to our shareholder. Visit fcc.ca or follow us on Facebook, LinkedIn, and on Twitter.
For more information or interviews, please contact:
Farm Credit Canada