FCC REPORTS STRONG PERFORMANCE IN 2019-2020 Farm Credit Canada (FCC) reported another year of strong financial performance last year, capping 27 consecutive years of growth and innovation in Canada’s agriculture and food industry. “FCC continues to be a strong and stable presence in Canada’s agriculture and food industry, ready to support producers and processors in pursuing opportunities and overcoming challenges,” said FCC president and CEO Michael Hoffort, in releasing the corporation’s annual report. “From the impact of adverse weather to market and supply chain disruptions caused by the COVID-19 pandemic, it’s important FCC continues to maintain a strong financial position to support those in Canada’s agriculture and food industry through these difficult times,” Hoffort said. “We are the only financial institution 100 per cent invested in agriculture and food and we are committed to ensuring the industry emerges from this difficult period even stronger.” In 2019-20, FCC grew its portfolio by 6.6 per cent to $38.6 billion, a reflection of the strength of the agriculture and food industry and their ability to invest in their operations. The portfolio included payment schedule adjustments to nine per cent of the total amount owing compared to four per cent in the previous year. This increase was primarily due to pandemic-related support. As part of the Government of Canada’s plan to support the economy from the sudden shock of the pandemic, FCC received an enhancement to its capital base that allowed for an additional $5 billion in lending 16 CANADIAN MEAT BUSINESS 16
August 20204 March/April
capacity to support producers, agribusinesses and food processors through these uncertain times. “Canadian farmers and food businesses have proven just how essential they are through COVID-19, and they will have a more vital role than ever to help lead our economic restart,” said Marie-Claude Bibeau, Minister of Agriculture and Agri-Food. “Working with Farm Credit Canada, our government is ensuring farmers and food businesses get the timely support they need both to get through the tough times, and to take advantage of new opportunities.” “As Canadian food exports this year are already up over six per cent compared to last year, it shows the importance of the work we are doing to position ourselves for the stability and growth of our agriculture industry,” Bibeau added. As part of FCC’s mandate, the corporation continues to invest in communities throughout rural Canada.
2019 | 100TH ISSUE
