FCC boosts credit availability to help with higher input costs
By Farm Credit CanadaGeneral
Regina, Saskatchewan, April 14, 2022 – Farm Credit Canada (FCC) is offering enhanced credit line options and increased crop input loan limits to address recent input cost increases in Canada’s agriculture and food industry.
“We want to ensure producers and food processors have sufficient capital to bridge any cash flow gaps during this time of multiple input cost increases,” said FCC President and CEO Michael Hoffort. “In practical terms, this could mean being able to replenish the fuel tanks before heading out to the field or having the cash flow to hire additional employees to keep the processing plant running at capacity.”
“We want to ensure our customers have the working capital to buy whatever inputs they need – when they need them – to keep their day-to-day operations running smoothly,” he added.
FCC is offering credit limit increases to crop input financing customers who meet specific pre-approval criteria, ensuring they have access to the capital they need for the upcoming growing season.
The federal Crown corporation is also offering a two-year credit line for qualified customers to access up to a maximum of $500,000 to provide customers with additional financial flexibility.
FCC will continue to consider other options, such as debt re-structuring, to support customers in financial difficulty.
“FCC is committed to the success of the Canadian agriculture and food industry,” Hoffort said. “We recognize this may be both a challenging and critical time for producers, agribusinesses and processors. By helping our customers throughout every business cycle, we help strengthen the industry and position it for long-term success.”
Producers and food processors interested in setting up or increasing their credit line are encouraged to contact their local FCC office or the FCC Customer Service Centre at 1-888-332-3301.
FCC is Canada’s leading agriculture and food lender, with a healthy loan portfolio of more than $44 billion. Our employees are dedicated to the future of Canadian agriculture and food. We provide flexible, competitively priced financing, management software, information and knowledge specifically designed for the agriculture and food industry. As a self-sustaining Crown corporation, we provide an appropriate return to our shareholder, and reinvest our profits back into the industry and communities we serve. For more information, visit fcc.ca.