Thank you, Mr. Chair.
Good afternoon, everybody. It is a pleasure to appear before the Standing Committee on Agriculture and Agri-Food on behalf of Farm Credit Canada, or FCC as I'll refer to us today.
My name is Michael Hoffort, and I am the president and CEO of FCC.
For those who don't already know, FCC is a self-sustaining commercial crown corporation with more than 100,000 customers, mostly small and medium-sized primary producers. We also have a diverse and growing number of agrifood and agribusiness customers across the country.
FCC has a healthy portfolio of more than $33 billion, and we represent about 30% of the total agriculture lending in Canada. What sets us apart is that we are the only financial institution solely dedicated to Canadian agriculture and agrifood.
We understand the volatility and complexities of agriculture, and we take our responsibilities as an industry partner and corporate citizen very seriously. Without reservation, I can say that FCC, along with our more than 1,800 employees, apply a high degree of energy and commitment to the success and ultimately the well-being of our customers and their farm families.
We know that farming can be unpredictable. The difference between profit and financial loss for producers often depends on several factors, some well beyond their control, be it weather, market conditions, or commodity or input prices. The reality is that things don't always go according to plan, which can have serious impacts on a farmer's operation and perhaps even their emotional and mental well-being. FCC supports our customers with unique loan products that are specifically designed for agriculture, such as our flexi-loan product.
We're also there when the unexpected happens. For example, we recently announced a new customer support program for maple syrup producers in Quebec and New Brunswick, as they were impacted by unfavourable weather that reduced their yields this past spring.
We care about the safety of our customers, as farming can be a hazardous profession. FCC is a long-time partner of the Canadian Agricultural Safety Association. We also support STARS air ambulance to provide critical care and transportation for rural residents across the three prairie provinces.
In times of crisis, we support our customers through the FCC ag crisis fund, which helps them through disasters like floods or tornados, barn or house fires, the death of a customer or family member, farm accidents, or critical illnesses. During our last fiscal year, we reached out to 287 customers impacted by crisis.
We do a lot to ensure the financial and physical health of our customers. Can we do more to support their mental health and well-being? Absolutely, and we are.
That said, I don't want to leave you with the impression that FCC has full expertise in the area of mental health. What we can offer is our observations from the many conversations we have with customers day in and day out based on the strong relationships we have developed with them over the years as well as our understanding of the unique circumstances they face.
We sometimes come across situations where people are suffering from stress, anxiety, depression, emotional exhaustion, and burnout either related to their business or other life circumstances. I began my career some 30 years ago at the peak of the farm debt crisis, and from then until now, I've learned that mental health issues can surface just as easily in strong economic times as they can in difficult times.
Hard work, resilience, strength, and a sense of community have always been the hallmarks of life on the farm, but there are also times when producers feel a sense of frustration and anxiety. Compounded by feelings of hopelessness and isolation, an individual's mental health can understandably spiral into depression. We have seen this scenario play out before, and unfortunately it sometimes results in a customer taking their own life, which in turn impacts the lives of many others.
We are seeing first-hand the need for increased support in this area, as more applications to our ag crisis fund appear to be related to incidents that have suicide as a factor. Rather than hoping the signs of mental distress will simply go away, we want to be part of the solution.
We're equipping our employees with the information they need to identify mental health issues and provide customers with support and advice on where they can turn for professional help. At the same time, FCC is entering a partnership with the Do More Agriculture Foundation to begin creating a network of mental health responders who can identify and support producers who may need help coping in a difficult time.
Through this project, FCC's funding will facilitate mental health first aid training for producers and industry representatives in select communities across Canada. We're also in discussions with 4-H Canada to determine a program for 4-H leaders and members to increase their understanding of mental health.
In these ways, FCC is also working to lift the stigma around mental health by promoting awareness, encouraging dialogue with customers and throughout the industry, and actively referring resources. We have plans to do much more with some initiatives in the early stages of development.
No matter what changes take place, FCC will continue to serve our customers and Canadian agriculture as a strong and stable partner through all business cycles. More importantly, and as I said earlier, our entire focus is on agriculture. We are here for this industry and for our customers and as we celebrate their success, FCC will also be here for them in challenging times.
Thank you for the opportunity to speak to you today. I look forward to any questions the committee may have.