Farm Credit Canada increases its lending capacity to $ 5 billion to assist agricultural producers, agri-food businesses and food processors, who are experiencing liquidity problems due to the effects of COVID-19.
Canadas’ Prime Minister, Justin Trudeau :
Eligible producers whose repayment date for their loan with the Advance Payments Program (APP) is April 30 (or earlier) will get an additional six months to repay the loan. This important measure represents $ 173 million in deferred loans and aims to keep more money for farmers during these economically critical months.
It will also provide flexibility for producers to manage their liquidity when faced with lower prices or reduced marketing opportunities. Affected farmers who still have to repay interest-free loans will have the option of requesting interest relief for an additional $ 100,000 for 2020-2021, on condition that the totality of their advances under the APP does not exceed $ 1 million.
The new deadlines for loans under the Advance Payments Program are as follows:
September 30, 2020: 2018 cash advances for grains, oilseeds and pulses;
September 30, 2020: 2018 cash advances for cattle and bison;
October 31, 2020: 2019 cash advances for flowers and potted plants.
Other measures :
Prime Minister Justin Trudeau also announced measures to support Canadian researchers and life science companies, including helping to find potential treatments and vaccines for COVID-19.
This funding, which totals $ 275 million for coronavirus research and medical measures to combat COVID-19, is part of the Government of Canada’s COVID-19 Response Fund. The money invested will be used to advance the COVID-19 projects of university researchers, as well as those of other researchers, which are already underway. It will also ensure a national supply of potential vaccines.
To find out more about the various measures put in place by the Government of Canada in its fight against COVID-19: Coronavirus disease (COVID-19): Canada’s response.