Saint-Hyacinthe, Que., May 15, 2023 – Farm Credit Canada (FCC) is offering support to customers in Eastern Canada facing financial hardship as a result of low maple-syrup yields in 2023.
An unfavourable change in temperature this spring shortened the maple-syrup harvest in most parts of the Eastern provinces. The total maple-syrup production is showing a significant decrease in yields, varying from region to region, compared to the historical average yields.
Maple-syrup producers in the Eastern provinces may face a cash shortfall, since they were not able to generate the revenue they were expecting to pay this year’s expenses.
“Agriculture is the only industry we serve, so we have a deep understanding of the challenges that come with the business,” said Manon Duguay, vice-president of Operations for Quebec and Atlantic at FCC, in announcing customer support.
Customer support is a central part of FCC’s business. The Crown corporation will consider additional short-term credit options, deferral of principal payments and/or other loan payment schedule amendments to reduce financial pressures on producers caused by this year’s low maple-syrup yields. FCC will also offer flexibility, and even a combination of options based on the individual needs of its customers, since each farm financial situation is unique.
“This limited harvest can cause financial challenges for farm operations – not to mention personal hardship and stress,” Duguay said. “We stand by our customers over the long term, helping them pursue opportunities and overcome challenges, and this year’s unfavourable temperature has certainly been challenging for many maple-syrup business owners. As a leader in financing to Canadian farmers, we have a unique responsibility to step up and help.”
Customers in Eastern Canada are encouraged to contact their FCC relationship manager or the FCC Customer Service Centre at 1 (888) 332-3301 to discuss their individual situation and options.
Although FCC customer support is being offered in specific locations, Canada’s leading agriculture lender offers flexibility to all customers through challenging business cycles and unpredictable circumstances on a case-by-case basis.
FCC is Canada’s leading agriculture and food lender, dedicated to the industry that feeds the world. FCC employees are committed to the long-standing success of those who produce and process Canadian food by providing flexible financing, AgExpert business management software, information and knowledge. FCC provides a complement of expertise and services designed to support the complex and evolving needs of food businesses. As a financial Crown corporation, FCC is a stable partner that reinvests profits back into the industry and communities it serves. For more information, visit fcc.ca.
Advertisement
