Farm Credit Canada (FCC) has stepped forward to offer significant support to wine and fruit producers in British Columbia who are navigating a particularly difficult season.
The agricultural lender is reaching out especially considering recent weather challenges and economic disruptions, including the unexpected closure of a key fruit co-operative.
In early 2024, extreme cold weather devastated crops across B.C., eliminating much of the year's production of peaches, apricots, nectarines, and cherries.
The wine industry also faced severe setbacks, with many areas not expecting a 2024 vintage due to the damage.
The closure of a local fruit co-operative, a critical player in the packaging and distribution chain, has further complicated the situation for tree fruit producers, creating potential cash flow problems.
FCC's response includes a range of supportive measures tailored to the unique needs of affected producers.
"There will always be uncertainty and variables in the agriculture and food industry, but this is a particularly difficult year for fruit and wine producers," said Jeff Affleck, FCC Senior Vice-President of Western Operations, in announcing customer support. "Unfortunately, events like what's happened in B.C. can make it difficult for expense obligations to be met."
He emphasized that beyond financial solutions, FCC is committed to supporting the mental well-being of its customers. Resources available at FCC.ca/Wellness include online tools for building resilience and mental health support lines.
To alleviate financial pressures, FCC is offering additional short-term credit options, deferrals of principal payments, and possible amendments to loan payment schedules.
These measures are designed to provide immediate relief and flexible responses to the diverse financial situation of farms in the region.
Producers in British Columbia are encouraged to reach out to their FCC relationship manager or contact the FCC Customer Service Centre at 1-888-332-3301 to explore their options.
This proactive support by FCC underscores its commitment to assisting customers through both predictable and unforeseen challenges, ensuring the sustainability of their operations during tough times.