Farm Credit Canada pledges support and financial aid options to potato producers suffering cash flow discomfort owing to recent US ban on PEI potato imports.
By Andrew Joseph, Farms.com, Photo courtesy of Farm Credit Canada
Anyway you slice it, the FCC is there to help customers in need.
Just like PEI potatoes, Farm Credit Canada (FCC) has eyes everywhere, vowing to support the province’s potato industry who may be impacted by the recent temporary export ban of its tater products to the US after two farms discovered the potato wart fungus on its product.
Understanding that its customers involved in the production and sale of PEI potatoes could suffer cash flow issues because of the ban, the FCC is ready to lend more than a hand.
“On the heels of one of the best crops in years, the PEI potato community is concerned they no longer have access to the valuable market due to the temporary ban on potato exports to the U.S,” said Gil Miner, Assistant Vice-President of FCC’s Atlantic Canada operations. “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.”
The US and Canada are, of course, major trade partners, and potatoes and potato products play a large role in the North American market.
Because customer support is a central part of its business, the FCC will consider additional short-term credit options, deferral of principal payments and/or other loan payment schedule amendments as means to reduce the stress and financial pressures placed upon on producers.
Not just offering blanket coverage, the FCC said it would provide flexibility, where needed, wholly-dependant on the individual needs of its customers to help them with any potential short-term cash flow issues, with a combination of options.
“We are following the situation very closely and talking to customers daily. We are ready to help them through these circumstances that are beyond their control,” Miner explained. “Our customers’ biggest concern is making sure they are able to make spring payments, both on term loans and crop input loans.”
For any FCC customers in PEI whose operations have been impacted, contact their FCC relationship manager, their local office, or the FCC Customer Service Centre at 1-888-332-3301 to how the FCC can help.
The FCC is Canada’s leading agriculture and food lender, with a healthy loan portfolio of more than $41 billion. For more information on Farm Credit Canada, visit www.fcc.ca.
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