By Alice McFarlane

Farm Credit Canada provides options to farmers dealing with increased costs

Apr 14, 2022 | 10:25 AM

MELFORT, Sask. — Farm Credit Canada (FCC) offering some additional help to producers who are being hit with increasing input costs.

FCC said it has made changes to its credit line options and increased crop input loan limits.

CEO Michael Hoffort said FCC wants farmers and food processors to have enough capital to bridge any cash flow gaps for crucial items as fertilizer, fuel, and crop protection product as prices skyrocket.

“In practical terms, this could mean being able to replenish the fuel tanks before heading out to the field or having the cash flow to hire additional employees to keep the processing plant running at capacity,” Hoffort said. “We want to ensure our customers have the working capital to buy whatever inputs they need, when they need them, to keep their day-to-day operations running smoothly.”

The credit limit increases to crop input financing will be for customers who meet specific pre-approval criteria, ensuring they have access to the capital they need for the upcoming growing season.

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FCC is also offering a two-year credit line for qualified customers to access up to a maximum of $500,000.

Hoffort said FCC will continue to consider other options, like debt re-structuring, to support customers in financial difficulty. He said helping customers helps strengthen the entire industry.

“FCC is committed to the success of the Canadian agriculture and food industry,” Hoffort said. “We recognize this may be both a challenging and critical time for producers, agribusinesses and processors.”

Producers and food processors should contact FCC for more information.

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alice.mcfarlane@pattisonmedia.com

On Twitter: @farmnewsNOW