Farm Credit Canada (FCC) is offering support to customers in Prince Edward Island and New Brunswick whose potato crops were impacted by an unusually wet, cold fall, causing a loss in revenue.
Potatoes need to be dry and not too cold to be harvested without the risk of damage, and there were very few days in October and November where conditions were right. This followed an extremely challenging growing season, mired by a cold spring that delayed planting, a flash frost that forced many producers to reseed and a hot, dry summer. As a result, many potato growers experienced increased costs and lost a large portion of this year’s crop.
“I can only imagine the frustration that many potato growers felt as they watched their crops deteriorate in the field,” said Michael Hoffort, FCC president and CEO. “We want those impacted to know we will help them through any financial hardship this adverse weather has created.”
Although FCC customer support is being offered in specific locations, the agriculture lender offers flexibility to all customers through challenging business cycles and unpredictable circumstances on a case-by-case basis.
“As a former potato grower, I know first-hand how much the weather can affect not only short-term revenue, but also the financing to put next year’s crop in the ground,” said Lawrence MacAulay, Minister of Agriculture and Agri-Food. “That’s why it’s important to have FCC as a strong and stable partner that understands the sometimes unpredictable and cyclical nature of farming.”
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 impacted by adverse weather during this year’s growing season and harvest.
PEI and New Brunswick customers 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.
Source: FCC
