05/03/2021 | Press release | Distributed by Public on 05/03/2021 15:51
Farm Credit Canada (FCC) is offering support to customers in parts of the Maritime provinces and Quebec who could be facing financial hardship as a result of reduced maple syrup yields this year.
New Brunswick, Nova Scotia and Quebec maples syrup producers may have cash flow problems due to reduced production and price. The short, warm spring cut the volume of sap and there was less sugar in the water, reducing the quality of syrup as well as prices received by producers.
'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 the Maritimes and Quebec 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 the Maritime provinces and Quebec are encouraged to contact their FCC relationship manager, their local office or the FCC Customer Service Centre at 1-888-332-3301to discuss their individual situation and options.