Farm Credit Canada Gets $5 Billion Increase as Help for Agriculture Industry

During the COVID-19 pandemic, Government is finding out ways to help the farmers which are the back-bone of the agriculture industry. The Minister of Agriculture & Agri-Food Canada, Marie Claude Bibeau declared Farm Credit Canada (FCC) has received a $5-billion increase in lending capacity from the federal government.

She said, “Like many Canadians, I am truly grateful for our farmers, food business owners and employees, who continue working hard so we all have quality food on our grocery store shelves and kitchen tables. Their continued work is important to our plan to manage coronavirus outbreak.”

“The measures declared will provide farmers and food producers across the country with important financial flexibility required during these challenging times.”

Minister’s announcement followed Prime Minister Justin Trudeau’s pledge to ensure producers, agribusinesses & food processors continue to have access to capital through this harsh time.

The PM said, “Farmers and producers work hard to put food on tables across our country. They must not worry about being able to afford their loan payments or having enough money to support their own families. We are taking action now to give them more flexibility to meet the challenges ahead.” 

Michael Hoffort, FCC’s president & CEO said that agriculture industry workers and businesses who are feeling the pressure of these uncertain times like producers concerned about having the cash flow required to plant crops or food processors feeling the impact of a lost sale due to the financial downturn can take help from the FCC. 

He said, “It’s in times like these that we are reminded how important Canadian producers and food processors are to our nation and to feeding the world. FCC is using its resources to find solutions that give the industry its best chance at recovery going forward. Strong collaboration between banks, credit unions, FCC & other financial institutions is required to support the industry

Role of FCC amid Covid-19 outbreak: 

The FCC is asking customers who have financial concerns to contact them to discuss alternatives, like loan payment deferrals & products available to help with cash flow needs. 

FCC is being supported by our shareholder to play a large role in supporting the success of the Canadian agriculture and food industry across Canada. The sooner we can discuss potential challenges, and the more options we have. 

How to contact FCC? 

Customers experiencing financial issues can simply contact the FCC Customer Service Centre at 1-888-332-3301 or their FCC relationship manager.