By Alice McFarlane

FCC supports customers impacted by drought

Jul 25, 2023 | 4:17 PM

Crops are at a critical state and livestock feed is becoming scarce.

Producers in British Columbia, Alberta, Saskatchewan, and Manitoba are stressed due to dry conditions that are impacting crop quality and grazing lands.

Farm Credit Canada (FCC) is offering support to its Prairie customers facing financial hardship because of 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.

FCC executive vice-president of operations Sophie Perreault said 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.

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As a result of the ongoing challenges preventing a productive harvest, producers may experience a cash shortfall, particularly in the fall and winter, according to Perrault.

“Agriculture and food is the only industry we serve, so we have a deep understanding of the challenges that come with the business,” Perreault said. “We stand by our customers over the long term. This year’s dry weather in parts of British Columbia, Alberta, Saskatchewan, and Manitoba has certainly been challenging for many producers. 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.

FCC customers in Western Canada 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.

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alice.mcfarlane@pattisonmedia.com

On Twitter: @farmnewsNOW