BMO offers financial relief for flooded farmers

In the aftermath of this year’s heavy rainfall and devastating floods, BMO Bank of Montreal has launched a Financial Flood Relief Program for its commercial customers affected by the extensive damage.

“We want to assist our farm customers that were affected by the flooding. This program will help alleviate the difficulties being faced by farmers in affected communities across Canada’s Prairies,” said Robert Hayes, Senior Vice President, Prairies, BMO Bank of Montreal, in a press release. “Many acres will go unseeded, crops remain stressed, and those already sown are estimated to be one to two weeks behind.”

Under BMO’s Flood Relief Program, BMO customers can apply for deferred principal payments and/or a waiver of new loan application or renewal fees.

The program is specifically designed for producers directly affected by the flooding and those in related industries who will face cash-flow challenges in the coming months given their dependence on a productive agriculture industry. The program is available until November 30, 2011, giving producers time to market a portion of next year’s crop.