Farm Credit Canada offering to help BC wineries facing economic shortfalls

Financial help for wineries

Farm Credit Canada has vowed to step up and help the B.C. wine industry make up for impending losses due to last winter’s cold spell.

Wine Growers BC is predicting there will be a 39 per cent to 56 per cent drop in wine and grape production this year due to the prolonged cold temperatures, and FCC is going to do what it can to ease the financial burden for those who will struggle in 2023.

“Agriculture and food is the only industry we serve, so we have a deep understanding of the challenges that come with the business,” FCC senior vice-president of Western operations Jeff Affleck said in a press release.

“We stand by our customers over the long term, helping them pursue opportunities and overcome challenges, and this year’s cold weather in B.C. has certainly been challenging for many wine business owners. As a leader in financing to Canadian farmers, we have a unique responsibility to step up and help.”

The Crown corporation said it will consider additional short-term credit options, deferral of principal payments and other loan payment schedule amendments.

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