Bank of Montreal has launched a financial relief program to assist its commercial customers in Western Canada affected by the significant drought conditions in the region, BMO said in a press release Monday.
The relief program for farmers impacted by the drought includes: deferred loan payments, reduced or waived fees on any application seeking increased or new financing accommodation and reduced or waived annual banking fees.
“Across Western Canada, in particular Alberta and Saskatchewan, current drought conditions have the potential to negatively impact crop yields,” said Steve Murphy, head of Canadian commercial banking for BMO.
“While the impact of the drought will not be fully known until the crop harvest is complete this fall, we want to ensure our farmers in these affected regions have the financial support now to help alleviate any future challenges.”
Source : LeaderPost