Innovation Credit Union Extends Drought Relief for Farm Businesses

Innovation Credit Union is offering its support to farmers and producers suffering from adverse weather conditions, by working with impacted ag members for cash flow solutions.

Saskatchewan farmers and ranchers are experiencing staggering impacts from the recent heat wave this past month. Low precipitation paired with low average reserve moisture levels have created severe challenges for producers. For some, the extreme heat has resulted in zero-yield crops and has reduced the water and feed supply for livestock. While the federal and provincial governments are conducting AgriRecovery assessments, many agricultural operations will require immediate interim support to reduce financial pressures.

“When we see our ag producers face such trying times, we immediately think of ways we can help,” says Innovation Credit Union Chief Retail Officer Cary Ransome. “Our Ag sector works so incredibly hard. It’s not a job; it’s a way of life, from dusk until dawn. They’re the backbone of Saskatchewan so when their business is negatively impacted, we all feel it.”

Ransome suggests reaching out for assistance as soon as possible. “We’ll discuss all of the options available that could make life a little easier right now. I invite members to contact us sooner than later to get the support they need. Drought is beyond our control, but we can certainly help to mitigate the impact it leaves.”

Innovation is continuously monitoring the situation and will be creating solutions to offer producers. From flexible credit options to loan payment deferrals, there are a number of drought support options farmers can choose from.

Innovation ag members are encouraged to call their Business Advisor directly or call 1.866.446.7001 for any kind of support. Advisors are local ag experts in farmers’ and ranchers’ corners.

Additionally, Innovation encourages farmers and ranchers to take care of their mental health by contacting the Farm Stress Line. The Farm Stress Line is a confidential service, available 24-hours-a-day, seven-days-a-week, toll-free at 1-800-667-4442. Calls are answered by Mobile Crisis Services Regina, a non-profit, community-based agency and there is no call display.

As Innovation continues to study the situation as it evolves, they are also looking to come up with newer ways in which they can work together with ag members. At this time, they’re offering planning advice to producers on how to protect their farms. They recognize that this advice on being prepared when an emergency strikes, will help the farmers maintain or recover their farming operations.