Farm Credit Canada (FCC) is offering a customer support program to farmers and ranchers hit by adverse growing conditions.
“We are watching the weather situation very closely and are talking to customers daily,” said Michael Hoffort, FCC president and CEO. If clients suffer cash flow problems. ”We’re ready to support them and find solutions,” he said. Those measures could include additional short-term credit, deferral of principal payments or “loan payment schedule amendments.”
The lender says customers who have financial concerns should contact their local office.
FCC also has a number of mental health resources on its website, including a self-assessment tool for stress.
Thousands deferred in loan payments
FCC also made a large number of “payment schedule adjustments” because of the pandemic.
In its 2020-21 fiscal year, the lender made such adjustments “to 14.8 per cent of the total value of outstanding loans compared to nine per cent in the previous year.”
More than 4,900 customers deferred payments on loans totalling $5.6 billion from the start of the pandemic until the end of the 2020-21 fiscal year. However, 98 per cent of its customers have since resumed making regular payments, FCC said.
The deferred payments partly fuelled a 7.6 per cent rise in FCC’s loan portfolio, which hit $41.5 billion during the year. Net income was $813 million.
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