June 25, 2018 By Farm Credit Canada
Farm Credit Canada (FCC) is offering support for customers growing fruit and vegetables or operating wineries facing financial hardship as a result of recent widespread frost throughout all three Maritime provinces.
In the first week of June, temperatures dropped to as low as -3 C., causing varying degrees of damage to fruit and vegetable crops in Prince Edward Island, Nova Scotia and New Brunswick. As a result, many customers may experience lower yields, reduced revenues and, in some cases, face higher operating costs.
Although FCC’s support program is focused on customers in these provinces, FCC offers flexibility to all customers through challenging business cycles and unpredictable circumstances on a case-by-case basis.
“While producers and agri-food processors are still assessing the impact of the frost damage, we want them to know we are ready to provide the support they may need to reduce any short-term financial pressure caused by the unusual weather.” said Faith Matchett, FCC vice-president of operations for Atlantic and Eastern Ontario.
“Knowing that we are prepared to help will hopefully provide some comfort for the many producers and agri-food processors who may be feeling personal hardship and stress as a result of the frost at the beginning of the growing season,” she said. “We will support customers as needed and ensure they have the financial means to continue operations or prepare for the next season.”
FCC will work with customers to come up with solutions for their operation and will consider deferral of principal payments and/or other loan payment schedule amendments to reduce the financial pressure on producers
caused by the late spring frost.
“Having farmed for many years, I know that things don’t always go to planned and the weather can have a serious impact on farm operations,” said Lawrence MacAulay, Minister of Agriculture and Agri-Food Canada. “This late frost has created a difficult situation for many fruit and vegetable farmers across New Brunswick, Prince Edward Island and Nova Scotia. I’m pleased that FCC is able to offer financial assistance and flexibility to those who have been impacted.”
Customers in the three impacted provincesare 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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