Farm Credit Canada says it will consider deferral of principal payments on loans to help farmers on the Prairies who are facing financial hardship because of wet weather before and during this year’s harvest.
The agricultural lender says rain in the last half of the growing season and snow early in October have caused significant harvesting delays in many areas and reduced crop quality.
The corporation says it will work on a case-by-case basis with customers to find solutions to financial troubles caused by the bad weather.
Besides deferring principal payments, the FCC says it would also look at amending loan payment schedules.
Affected customers are being asked to contact an FCC representative to look at their situation and discuss options.
Farm Credit Canada has a loan portfolio of more than $28 billion.