Farm Credit Canada (FCC) recently reported on great financial performance for last year, but it also provided $1.5 million to 92 community initiatives in 2020-21. Despite the worldwide pandemic, Farm Credit Canada's annual Drive Away Hunger food drive supplied over 17 million meals to food banks and feeding programs around the country, setting a new record.
Farm Credit Canada’s President and CEO Michael Hoffort stated that the year marked by COVID-19 highlighted the importance of something that has always mattered to company which was giving back to the communities. He added “Looking ahead, there is a lot of important work to do as we grow the next generation of producers, support sustainability and promote a more inclusive industry, including the delivery of our Indigenous lending strategy.”
FCC Reported Strong Financial Performance
Its community support was reported in information on its financial performance. FCC increased its portfolio by 7.6% to $41.5 billion in 2020-21. Payment schedule modifications accounted for 14.8% of the total value of outstanding loans in the portfolio, up from 9% the previous year. The majority of this increase was due to pandemic-related assistance. FCC says that customers have returned to regular payments in 98 percent of cases since delaying.