BMO Financial Group has launched a financial relief program to assist its customers affected by the drought in North America.
Both record heat and lack of rain has been unforgiving in the American Midwest this summer, leading to the worst drought seen in 56 years. As of July 31, nearly two-thirds of the continental U.S. suffered as a result of the dry weather.
Read: Droughts propel commodities to food-riot prices
And for most of the growing season in Ontario, farmers have faced record low levels of precipitation, which have reduced yields and limited feed availability for livestock producers.
“People are expecting bankers will do the right thing and stand behind those who put food on our tables,” says Bill Downe, president and CEO of BMO. “BMO is one of the largest agricultural lenders in North America, and we’re going to work with them and support them.”
BMO customers can apply for working capital assistance and deferral of loan payments, among other aid services. Farmers in both Canada and the U.S. can contact their local branch and discuss their particular financial needs.
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