Have those tough financial conversations early: FCC
After a year of incredible adversity in Canadian agriculture, lenders such as Farm Credit Canada are especially alert to the needs of their clients.
“We’re monitoring the financial situation,” says Michael Hoffort, president and CEO of FCC.
In an interview with RealAg Radio host Shaun Haney, Hoffort says that where it’s challenging, FCC and other creditors are reaching out to their customers to check in.
“The balance sheets are strong so it’s all going to be about cash flow, and then looking into spring on – do we make adjustments now or do we want to wait it out and see how things kind of progress?”
Hoffort suggests farmers do assessments and have conversations with their relationship managers early, especially if you feel like there may be some challenges going forward.
In the following interview, filmed at Grow Canada, Hoffort talks about the importance of processing in Canada, the evolution of the role of relationship manager at FCC, the future of the company, and the importance of domestic processing.