FCC Offers Help to Relieve Farm Financial Pressures

Farm Credit Canada is once again offering to lighten the financial burden on Canadian producers, this time in the wake of major weather and other challenges.

In a release Wednesday, FCC said it 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 current financial pressures. 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.

In many parts of the Prairies, snow has blanketed the fields, making it almost impossible to pick up crops that have been swathed or left standing. This followed weeks of persistent rain with short sunny breaks that caused many crops to sprout, significantly reducing the quality and the producer’s return on investment.

“The last days of harvest normally represent a grain farmer’s profits for the year, so for many, what’s left of their paycheque for the year is still sitting in the field,” said Michael Hoffort, FCC president and CEO.

Producers in other parts of Canada have also faced a challenging growing season, coupled with market access challenges and commodity price fluctuations. Excessive moisture delayed planting season in many parts of Quebec and Ontario, while several operations in Atlantic Canada were impacted by damaging winds and heavy rainfall from Hurricane Dorian this fall.

“The challenges facing producers across Canada can vary significantly,” Hoffort said. “Many, such as Manitoba potato growers, are in back to back years of leaving a significant percentage of their crop unharvested. Even producers with strong balance sheets will feel the impact.”

FCC is also encouraging those who may be struggling to seek support for their mental well-being. The Do More Agriculture Foundation has a list of resources on its website.

Source: DePutter Publishing Ltd.

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