Farm Credit Canada (FCC) is offering support to new and existing customers who are experiencing financial difficulties, including cash flow challenges, due to higher-than-average input costs and elevated interest rates.
The cost pressures in the current economic environment are difficult to pass on, resulting in tough financial circumstances for some operations. To help producers, agribusinesses and agri-food operations with their immediate cash flow needs, FCC is offering an unsecured credit line up to $500,000 with loan processing fees waived.
“As a lender solely dedicated to the agriculture and food industry, we understand how this period of elevated costs has put pressure on some customers,” said Sophie Perreault, FCC chief operating officer, in announcing the credit line.
“FCC is here to support new and existing customers over the long term, and that means finding ways to meet challenges as they arise.”
“While the current experiences of individual operations within the different agriculture and food sectors are varied, we hope those who identify with these challenges will use this credit line as an opportunity to work through their current position and build back stronger than before,” said Perreault.
Viable operations that have been significantly affected by the current economic environment are encouraged to reach out to FCC for support. FCC will work to come up with solutions for their operations to reduce financial pressures.
FCC offers flexibility to all customers through challenging business cycles and unpredictable circumstances on a case-by-case basis. That includes flexible payment options, including the ability to restructure lending when appropriate, as well as payment deferrals and credit lines.
New and existing 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.
FCC is Canada’s leading agriculture and food lender, dedicated to the industry that feeds the world. FCC employees are committed to the long-standing success of those who produce and process Canadian food by providing flexible financing, AgExpert business management software, information and knowledge. FCC provides a complement of expertise and services designed to support the complex and evolving needs of food businesses. As a financial Crown corporation, FCC is a stable partner that reinvests profits back into the industry and communities it serves. For more information, visit fcc.ca.
(FCC News Release)