Federal agriculture minister Marie-Claude Bibeau has announced more lending capacity to Farm Credit Canada to ensure producers, agribusinesses and food processors continue to have access to necessary capital during the COVID-19 virus crisis.
“If you are a producer concerned about having the cash flow required to plant your crop, or you are a food processor feeling the impact of a lost sale due to the financial downturn, FCC is here to support you in these uncertain economic times,” said Michael Hoffort, FCC president and CEO. “It’s in times like these that we are reminded how important Canadian producers and food processors are to our nation and to feeding the world.”
Hoffort adds that FCC will use its resources to find solutions that offer the best chance for recovery going forward so the industry emerges stronger. Initially, the focus will be on assisting the industry in addressing cash flow challenges so that businesses can remain focused on business-critical functions rather than worrying about how to access funds to keep operating through this difficult time.
“Supporting the industry will also take strong collaboration between banks, credit unions, FCC and other financial institutions,” said Hoffort.
As part of its ongoing support efforts, FCC also is asking existing customers who have cash flow or other financial concerns to contact the organization to discuss alternatives, such as loan payment deferrals and products available to assist with cash flow needs.
“Each business’ financial situation is unique, so there may be a combination of options considered,” Hoffort said.
Customers facing financial pressure 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: Farm Credit Canada March 23, 2020 news release