Prairie farmers might see a helping hand as they face a harvest of red ink due to soggy crops.
The Farm Credit Corporation will consider deferral of principal payments on loans to help farmers facing financial hardship as a result of wet weather before and during this year’s harvest. The agricultural lender says rain in the last half of the growing season and snow early in October resulted in significant harvesting delays in many areas and reduced crop quality.
“This year’s wet weather in parts of Alberta, Saskatchewan and Manitoba has certainly been challenging for farmers whose crops have been affected by excessive moisture,” Michael Hoffort, FCC president and CEO, said in a release. “We want to assure them that we understand their situation and will help them through any financial hardship this has created.”
Besides deferring principal payments, the FCC will also look at amending loan payment schedules. The corporation says it will work with customers on a case-by-case basis.
Farmers should contact an FCC representative to discuss options.
The Farm Credit Corporation has a loan portfolio of more than $28-billion.