REGINA — A big Canadian chartered bank is launching a Prairie-wide program to help the cash flows of farmers whose land has been drenched by heavy rain this year.
The Bank of Montreal (TSX:BMO) says clients can apply for deferred principal payments, or have their fees waived on new loan applications or renewals.
The bank says the program is designed for producers directly affected by flooding, and those in related industries who will face cash-flow troubles in coming months.
Glen Snyder, the bank’s agri-manager for Saskatchewan, says the move compliments federal and provincial aid, and crop insurance and excess moisture programs.
Snyder says 35 to 40 per cent of BMO’s agricultural clients will be affected.
The program will run until November 2011 to give farmers time to market a portion of next year’s crop.