OTTAWA — Prime Minister Justin Trudeau announced new measures to support the country’s farmers and agri-food workers impacted by the COVID-19 pandemic.
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.
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. Applicable farmers who still have interest-free loans outstanding will have the opportunity to apply for an additional $100,000 interest-free portion for 2020-2021, as long as their total APP advances remain under the $1-million cap.
“Farmers and food producers work hard to put food on tables across our country, and they shouldn’t have to worry about being able to afford their loan payments or having enough money to support their own families. We’re taking action now to give them more flexibility to meet the challenges ahead in these times of uncertainty,” says Trudeau.