The following piece is from our sister publication, Spud Smart.
Canadian farmers are getting a bit of relief with Farm Credit Canada (FCC) now offering enhanced credit line options and increased crop input loan limits in order to assist with rising crop input prices, an April 14 news release says.
“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,” Michael Hoffort, FCC president and CEO, says in the release. “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.”
FCC is offering credit limit increases to crop input financing customers who meet specific pre-approval criteria, the release says. FCC 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.
The release FCC will continue to consider other options, such as debt re-structuring, to support customers in financial difficulty.
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.