FCC of­fers as­sis­tance to cus­tomers im­pacted by grain de­liv­ery back­log

Southwest Booster - - NEWS - SUB­MIT­TED

Farm Credit Canada (FCC) is of­fer­ing as­sis­tance to cus­tomers across the Prairies and in Bri­tish Columba af­fected by cur­rent grain mar­ket­ing is­sues re­sult­ing from record high vol­umes.

While last fall’s record har­vest is good news for producers, many in Western Canada are ex­pe­ri­enc­ing de­lays in be­ing able to de­liver and con­vert their crop to cash.

“We are aware that this situa- tion could im­pact our cus­tomers’ abil­ity to run their op­er­a­tions, so we’re reach­ing out to in­form them of the var­i­ous op­tions avail­able to re­duce the im­pact on their busi­ness,” said Rémi Le­moine, FCC’s Ex­ec­u­tive Vi­cePres­i­dent and Chief Op­er­at­ing Of­fi­cer. “We’re prob­lem-solvers. Our cus­tomers ben­e­fit when we ef­fec­tively man­age risk and of­fer flex­i­bil­ity and knowl­edge to help them do busi­ness.”

FCC is con­tact­ing more than 16,000 cus­tomers po­ten­tially im­pacted by de­lays in grain de­liv­ery and will ex­plore op­tions to ad­dress their in­di­vid­ual needs.

Producers who have not al­ready done so, are en­cour­aged to con­sider ap­ply­ing to the fed­eral Ad­vance Pay­ments Pro­gram (APP), a fi­nan­cial loan guar­an­tee pro­gram that gives producers eas­ier ac­cess to credit through re­payable cash ad­vances.

Un­der the APP, the fed­eral gov­ern­ment guar­an­tees re­pay­ment of cash ad­vances is­sued to farm­ers by pro­ducer or­ga­ni­za­tions. Th­ese guar­an­tees help pro­ducer or­ga­ni­za­tions bor­row money from fi­nan­cial in­sti­tu­tions to is­sue producers a cash ad­vance on 50 per cent of the an­tic­i­pated value of their farm prod­uct that is be­ing pro­duced or is in stor­age. El­i­gi­ble producers can re­ceive an APP ad­vance of up to $400,000 at a pref­er­en­tial in­ter­est rate, with the gov­ern­ment pay­ing the in­ter­est on the first $100,000. Producers re­pay their ad­vance, as their prod­uct is sold. Cus­tomers are also en­cour­aged to con­tact their FCC re­la­tion­ship man­ager or the FCC Cus­tomer Ser­vice Cen­tre at 1- 888-522-2555 as soon as pos­si­ble to dis­cuss their in­di­vid­ual sit­u­a­tion and op­tions.

“Flex­i­ble so­lu­tions tai­lored to each sit­u­a­tion serve as the cor­ner­stone of FCC’s busi­ness,” Le­moine said. “Our com­mit­ment to the agri­cul­ture in­dus­try is what sets us apart. With FCC in the mar­ket, producers ben­e­fit, agri­cul­ture ben­e­fits, and so does ru­ral Canada.”

For more in­for­ma­tion, visit www.fcc.ca. Fol­low Farm Credit Canada on Face­book, LinkedIn and on Twit­ter @FCCa­gri­cul­ture.

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