Business & Policy
FCC offers support to customers impacted by dry conditions in Western Canada
July 26, 2023 By Top Crop Manager
Farm Credit Canada (FCC) is offering support to customers in British Columbia, Alberta, Saskatchewan and Manitoba facing financial hardship as a result of dry conditions that are impacting crop quality and grazing lands.
Crops are at a critical state with extremely dry and hot weather creating adverse conditions in parts of all four provinces. Depending on the area, quality and yield are expected to be significantly reduced by drought. Subsequently, feed is a major concern for livestock producers, particularly in the beef and dairy sectors.
For many producers, the lack of moisture since June of this year is an extension of multiple years of below-average precipitation. This has also created drought-related pest infestations for some, compounding the challenges.
As a result of the ongoing challenges preventing a productive harvest, producers may experience a cash shortfall, particularly in the fall and winter.
“Agriculture and food is the only industry we serve, so we have a deep understanding of the challenges that come with the business,” says Sophie Perreault, FCC executive vice-president of operations, in announcing the support for customers.
“This year’s dry weather in parts of British Columbia, Alberta, Saskatchewan and Manitoba has certainly been challenging for many producers,” says Perreault. “As a Crown corporation, we have a unique responsibility to partner with our customers and ease their financial stress where possible.”
FCC will work with customers to come up with solutions for their operations and will consider deferral of principal payments and/or other loan payment schedule amendments to reduce financial pressure on producers.
Although dry conditions are affecting Western Canada specifically, FCC offers flexibility to all customers through challenging business cycles and unpredictable circumstances on a case-by-case basis.
Customers in British Columbia, Alberta, Saskatchewan and Manitoba 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.