Farm Credit Canada (FCC) is offering support to customers in parts of Eastern Canada who could be facing financial hardship as a result of reduced maple syrup yields this year.
Ontario, Quebec, New Brunswick and Nova Scotia maple syrup producers may have cash flow problems due to reduced production. The short, warm spring cut the volume of sap and there was less sugar in the water, reducing the production level.
“We have been monitoring this situation closely and understand the challenges that come with the business,” said Sophie Perreault, FCC executive vice-president and chief operating officer, in announcing the customer support program. “This year’s unusually low maple syrup production in parts of Eastern Canada has certainly been difficult for many producers, and we are ready to step up and support customers in need.”
The overall maple syrup production this season is estimated to be around 75 per cent of the historical average yields. Some producers are experiencing half their normal production while others are near normal. The situation varies from region to region.
FCC will work with customers to come up with solutions for their operations and will consider deferral of principal payments and/or other loan payment schedule amendments to reduce financial pressures on producers impacted by unfavourable weather.
Customers in Eastern Canada are encouraged to contact their FCC relationship manager, their local office or the FCC Customer Service Centre at 1-888-332-3301 to discuss their individual situation and options.
FCC is Canada’s leading agriculture and food lender, with a healthy loan portfolio of more than $41 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.
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