Farm Credit Canada (FCC) is offering support to customers in parts of the Maritime provinces and eastern Quebec who could be facing financial hardship as a result of extensive dry conditions during this year’s growing season.
Areas within those provinces have experienced drastically reduced levels of rainfall since June. Customers will either receive substantially reduced revenue from their operations or will have increased costs due to increased feed purchases, resulting in cash flow and working capital shortages in their operations.
- In the Maritime provinces, drought has impacted forage, blueberry, potato, dairy and beef producers.
- Potato growers are concerned at this point and are unsure of whether they will be able to meet contract size specs (i.e. for french fries).
- Apple producers are concerned about whether they will have enough temporary foreign workers for their operations.
- In the Gaspésie peninsula and parts of eastern Quebec, severe drought has been observed for a fourth year in a row, causing a shortage of hay and forage crop.
“Agriculture and food is the only industry we serve, so we have been monitoring this situation closely and understand the challenges that come with the business,” said Michael Hoffort, FCC president and CEO, in announcing the customer support program.
“We stand by our customers over the long term, helping them pursue opportunities and overcome challenges, and this year’s dry conditions in parts of the Maritimes and eastern Quebec have certainly been difficult for many farmers and agricultural business owners,” Hoffort said. “As a leader in financing to Canadian farmers, we have a unique responsibility to step up and help.”
FCC will work with customers to come up with solutions for their operations to reduce the financial pressure caused by excessive dry conditions.
Although FCC customer support is being offered in specific locations, Canada’s leading agriculture lender offers flexibility to all customers through challenging business cycles and unpredictable circumstances on a case-by-case basis.
Customers in the Maritime provinces and eastern Quebec 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.Source : FCC