Farm Credit Canada (FCC) is offering farmers in Prince Edward Island some flexibility due to potato exports to the United States being banned because of a potato wart discovery, a Dec. 14 news release says.
“If the ban persists, many operations could face cash flow challenges, as well as pose potential storage and transportation challenges for this perishable commodity, so we want our customers to know we’re ready to support them and find solutions,” Gil Miner, assistant vice-president for FCC’s Atlantic operations, says in the release.
FCC will consider additional short-term credit options, deferral of principal payments and/or other loan payment schedule amendments to reduce financial pressures for farmers, the release says. The Crown corporation will also offer flexibility, based on the individual needs of its customers, to help them through any potential short-term cash flow issues.
The release notes each farm financial situation is unique, so there may be a combination of options considered.
“We are following the situation very closely and talking to customers daily. We are ready to help them throughthese circumstances that are beyond their control,” Miner says. “Our customers’ biggest concern is making sure they are able to make spring payments, both on term loans and crop input loans.”
FCC customers in P.E.I. who operations have been impacted are encouraged to contact their FCC relationship manager or their local office or the FCC Customer Service Centre, the release says.