Farm Credit Canada (FCC) is looking at ways it can help western farmers facing financial hardship due to wet conditions this growing season.
This could include the deferral of principle payments.
“This year’s wet weather in parts of Alberta, Saskatchewan and Manitoba has certainly been challenging for farmers whose crops have been affected by excessive moisture,” Michael Hoffort, FCC president and CEO, said in a release.
“We want to assure them that we understand their situation and will help them through any financial hardship this has created.”
READ MORE: Little progress made in October harvesting 2016 Saskatchewan crop
Harvest has been delayed in many areas and has reduced the quality of the crops.
FCC said other solutions to help farmers could include loan payment schedule amendments to help reduce financial pressures.
The company said it will work on a case-by-case basis with its customers and said those affected should contact their local FCC representative to discuss their situation and options.
READ MORE: ‘It’s disheartening’: Quantity, quality of crops in question as early snowfall blankets Alta. farms
Relentless rainstorms in Alberta and Saskatchewan during the summer increased the risk of rot and disease in what was being billed as a bumper year.
Snow that fell before Thanksgiving kept many farmers off their fields at a time when they had hoped to be getting the bulk of their crops in the bin.
Last year, large parts of the Prairies were in the midst of a severe drought and farmers were desperate for rain.
READ MORE: Extreme Alberta weather coming at a huge cost to farmers
FCC has a loan portfolio of more than $28 billion and said it is dedicated to the future of agriculture in Canada.
With files from The Canadian Press
Comments