Farm Credit Canada (FCC) is offering support to customers in Prince Edward Island who could be facing production or cash flow challenges as a result of the temporary ban on PEI potato exports to the United States.
All shipments of potatoes from PEI to the U.S. have been suspended after the discovery of a fungus, called potato wart, on two PEI potato farms.
“On the heels of one of the best crops in years, the PEI potato community is concerned they no longer have access to the valuable market due to the temporary ban on potato exports to the U.S,” said Gil Miner, assistant vice-president for FCC’s Atlantic operations. “If the ban persists, many operations could face cash flow challenges, as well as pose potential storage and transportation challenges for this perishable commodity, so we want our customers to know we’re ready to support them and find solutions.”
The North American potato market is highly integrated as Canada and the U.S. are major trade partners for potatoes and potato products.
Customer support is a central part of FCC’s business. The Crown corporation will consider additional short-term credit options, deferral of principal payments and/or other loan payment schedule amendments to reduce the financial pressures on producers impacted by the U.S. exports ban. FCC will also offer flexibility, based on the individual needs of its customers, to help them through any potential short-term cash flow issues. Each farm financial situation is unique, so there may be a combination of options considered.
“We are following the situation very closely and talking to customers daily. We are ready to help them through these circumstances that are beyond their control,” Miner said. “Our customers’ biggest concern is making sure they are able to make spring payments, both on term loans and crop input loans.”
For more information:
Éva Larouche
Farm Credit Canada
Tel.: 1-888-780-6647
Email: [email protected]
