Canada’s federal farm lender says it will be flexible with qualifying Prairie crop growers facing financial trouble from a rain-soaked harvest season.
Areas of Alberta, Saskatchewan and Manitoba have experienced “significant levels of rain in the last half of the growing season and snow since the beginning of October,” Farm Credit Canada said in a release Monday.
The wet weather, FCC said, has “significantly delayed harvest and reduced the quality of crops in those areas.”
“We want to assure (growers) that we understand their situation and will help them through any financial hardship this has created,” FCC CEO Michael Hoffort said in the release.
Read Also
The U.S. corn crop could be the biggest ever. That’s terrible news for America’s farmers.
The USDA predicts a record corn crop for U.S. farmers, who question the agency’s accuracy amidst high debt and low crop prices.
The lender said it will work with customers to come up with solutions for their operation and will consider deferring principal payments and/or amending loan payment schedules, to “reduce the financial pressure on producers impacted by wet conditions.”
While it will offer customer support in “specific locations,” FCC noted it offers flexibility to all customers on a case-by-case basis through “challenging business cycles and unpredictable circumstances.”
Eligible FCC customers in the three Prairie provinces wanting to discuss their options with the lender are asked to contact their FCC relationship manager or Customer Service Centre. — AGCanada.com Network
