Farm Credit Canada (FCC) is prepared to work with Manitoba customers concerned about financial hardship due to the flooding caused by torrential rainfall, snowmelt and waterway ice jams, the company says in a press release earlier today.
“Widespread flooding along the Red River, combined with heavy rain that recently blanketed parts of western Manitoba, has not only forced the evacuation of some communities, but has also disrupted some farm operations during this critical planting season,” said Shannon Weatherall, senior vice-president of FCC’s Prairie operations.
“We want to assure customers who find themselves financially vulnerable as a result of these circumstances that FCC will work with them to explore all options for addressing any short-term cash flow problems.”
It has been an extremely challenging time for many producers across southern Manitoba, since many of the same areas also faced adverse growing conditions last year due to drought or a lack of moisture in some regions that reduced yields and created higher input and feed costs for livestock producers.
FCC may consider additional short-term credit options, deferral of principal payments and/or other loan payment schedule amendments to reduce the financial pressures on producers affected by the flooding. FCC will also offer flexibility and a combination of options based on the individual needs of its customers, since each farm financial situation is unique.
“The risk of extreme weather is always top of mind for producers, but there are times when compounding circumstances can overwhelm even the strongest risk management plan,” Weatherall said. “FCC is here to provide the flexibility customers need to make it through these situations and get their businesses back on track.”
Customers affected by flooding are encouraged to contact their FCC relationship manager or the FCC Customer Service Centre at 1-888-332-3301 as soon as possible to discuss their individual situation and options.
FCC is Canada’s leading agriculture and food lender, with a healthy loan portfolio of more than $44 billion.
Source: Farm Credit Canada (FCC)
Photo: Courtesy FCC