Farm Credit Canada is making a new credit line available to producers who may be experiencing financial difficulties amid such challenges as rising interest rates and still higher than average input costs.
In a release Wednesday, FCC said it is offering an unsecured credit line up to $500,000 with loan processing fees waived, to help producers, agribusinesses and agri-food operations with their immediate cash flow needs.
“As a lender solely dedicated to the agriculture and food industry, we understand how this period of elevated costs has put pressure on some customers,” said Sophie Perreault, FCC chief operating officer, in announcing the credit line.
“While the current experiences of individual operations within the different agriculture and food sectors are varied, we hope those who identify with these challenges will use this credit line as an opportunity to work through their current position and build back stronger than before.”
Viable operations that have been significantly affected by the current economic environment are encouraged to reach out to FCC for support, the release said. FCC will work to come up with solutions for their operations to reduce financial pressures, it added.
FCC offers flexibility to all customers through challenging business cycles and unpredictable circumstances on a case-by-case basis. That includes flexible payment options, including the ability to restructure lending when appropriate, as well as payment deferrals and credit lines.
New and existing customers 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.
