Monday, March 23, 2020
Today the Prime Minister announced support for farmers and agri-food businesses under Canada’s response to COVID-19.
Farm Credit Canada will receive support from the Government of Canada that will allow for an additional $5 billion in lending capacity to producers, agribusinesses, and food processors. This will offer increased flexibility to farmers who face cashflow issues and to processors who are impacted by lost sales, helping them remain financially strong during this difficult time.
In addition, all eligible farmers who have an outstanding Advance Payments Program (APP) loan due on or before April 30 will receive a Stay of Default, allowing them an additional six months to repay the loan. This important measure, which represents $173 million in deferred loans, will help keep more money in farmers’ pockets during these critical months.
You can read the news release here.