Farm Credit Canada (FCC) is offering a customer support program to farmers and ranchers across western Canada who are facing production challenges due to adverse growing conditions.
Many parts of Western Canada haven’t received any significant rainfall through the spring and summer months. Extreme heat and dry weather have already reduced the potential yield of many crops. The unfavourable weather has also stifled pastures and hay production in many areas.
“We are watching the weather situation very closely and are talking to customers daily,” said Michael Hoffort, FCC President and CEO.
“We already know that several ranchers are feeling the impact, while grain and oilseed producers are watching their crops deteriorate in the fields,” he said. “If these conditions persist, many operations could face cash flow challenges, so we want our customers to know we’re ready to support them and find solutions.”
FCC will work with customers to come up with solutions for their operations and will consider additional short term credit options, deferral of principal payments and/or other loan payment schedule amendments to reduce financial pressures on those impacted by unfavourable weather.
“Producers across Western Canada are doing their best during difficult circumstances. Our government is working very closely with FCC, provincial partners and stakeholders to respond as quickly as possible to the drought in Western Canada,” said Marie-Claude Bibeau, Minister of Agriculture and Agri-Food. “During these challenging times, Farm Credit Canada is rolling out their customer support program to help farmers with solutions that address their unique financial challenges.”
Customers in Western Canada are encouraged to contact their FCC relationship manager.
In addition to working with customers to support any financial concerns, FCC also reminds those who may be struggling to seek support for their mental well-being.