With weather and trade challenges impacting producers across the country, Farm Credit Canada (FCC) is reminding customers that Canada’s leading agriculture lender is here to support them through these uncertain times.
“Every year has its fair share of opportunities and challenges,” said Michael Hoffort, FCC president and CEO. “While Canadian producers are among the most resilient in the world, this growing season has presented some exceptionally challenging circumstances for our customers. In some areas of the country it was too wet to finish planting, while in other areas the dry conditions are limiting crops and pastures”
“Our customers work hard throughout the year to produce high-quality food for consumers at home and abroad, so they deserve our support when faced with adversity and uncertainty due to circumstances beyond their control,” he said. “We want them to know we will work with them to find solutions to any short-term financial pressure so they can focus on their operations.”
Adverse weather disrupted farm operations in many parts of the country last year and this spring. In addition, trade disruptions have reduced access to some international markets, causing commodity price fluctuations and additional concern among producers.
“Trade tensions and the resulting market volatility have an overall detrimental impact on the world economy and can also be harmful to individual producers caught in the middle,” said J.P. Gervais, FCC’s chief agricultural economist.
FCC will work with customers to come up with solutions for their operations on a case-by-case basis and will consider deferral of principal payments and/or other loan payment schedule amendments to reduce the financial pressure these pronounced circumstances may create.
“FCC’s support for customers is a regular part of our business and we’re monitoring situations in various parts of the country and within certain sectors to ensure our customers are able to manage through these challenging times,” Hoffort said.
Customers facing financial pressure 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 $36 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, Instagram, LinkedIn, and on Twitter @FCCagriculture.