Farm Credit Canada is offering “flexibility to all customers” who have been hit hard by excessive moisture and delayed harvesting.
“This year’s wet weather in parts of Alberta, Saskatchewan, and Manitoba has certainly been challenging for many farmers whose crops have been affected by excessive moisture,” FCC president and CEO Michael Hoffort said in a news release.
“We want to assure them that we understand their situation and will help them through any financial hardship this has created.”
FCC said producers should contact their loans officer or call 1-888-332-3301 “to discuss their individual situation and options.”
One option would be to defer principal payments.
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As well, producers may be eligible for an advance on their crop insurance, said the Agriculture Financial Services Corporation (AFSC).
“There are two types of Unharvested Acreage Benefits that a producer may be eligible to receive — the Basic Unharvested Acreage Benefit and the Supplementary Unharvested Acreage Benefit,” AFSC said in a release. “When calculated, these advances are deducted from the final post-harvest indemnity.”
The Basic Unharvested Acreage Benefit provides a payment of 25 per cent of the producer’s coverage on a per-acre basis for unharvested acres. The unharvested acres must be in excess of 20 per cent of the total insured acres for that crop. The advance covers the difference between the total harvested acres and the number of eligible unharvested acres.
To receive the benefit, producers must submit a Crop Harvest Production Report by Nov. 15. For more information, call 1-877-899-2372, send an email to [email protected], or visit an AFSC branch.