Thursday November 20, 2014

FCC will help flooded farmers


Farm Credit Canada (FCC) is offering support to customers in eastern Saskatchewan and western Manitoba facing personal and financial hardship as a result of widespread flooding.

“We stand by our customers over the long-term, helping them pursue opportunities and overcome challenges, and this year’s weather has certainly been challenging for many farmers and agricultural business owners,” said Michael Hoffort, FCC president and CEO. “They are on our minds and I am encouraged that other financial institutions are also reaching out. Working together is good for the industry, for rural Canada and for all Canadians.”

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 flooding.

Customers in eastern Saskatchewan and western Manitoba are also encouraged to contact their FCC relationship manager or the FCC Customer Service Centre at 1-888-332-3301 as soon as possible to discuss their individual situation and options.

FCC has also provided $75,000 in funding through its Ag Crisis Fund. The Saskatchewan Association of Rural Municipalities and Association of Manitoba Municipalities will each receive $25,000 to be distributed by associations to member municipalities facing the greatest need. In March, FCC also contributed $25,000 to the Red Cross to provide flood relief kits to Alberta, Saskatchewan and Manitoba.

“Widespread flooding can cause financial challenges for farm operations, and it also creates personal hardship and stress,” Hoffort said. “People need support and we are glad to be able to step up and help. It’s the right thing to do.”

Since it was created in 2005, the FCC Ag Crisis Fund has helped more than 1,000 customers recover from situations, such as farm accidents, weather, fire and critical illness.

FCC is Canada’s leading agriculture lender, with a healthy portfolio of more than $26 billion and 20 consecutive years of portfolio growth. FCC is strong and stable – committed to serving the industry through all cycles, and to being socially and environmentally responsible.

For more information, visit Follow Farm Credit Canada on Facebook, LinkedIn and Twitter @FCCagriculture.



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