Categories: Home2News

COVID-19: Help for agriculture industry as Farm Credit Canada receives $5B increase

Government help is on the way for the agriculture industry through challenging times brought on by the COVID-19 pandemic.

Marie Claude Bibeau, the Minister of Agriculture and Agri-Food Canada announced Farm Credit Canada (FCC) received a $5-billion increase in lending capacity from the federal government.

“Like many Canadians, I am truly grateful for our farmers and food business owners and employees, who continue working hard so we all have quality food on our grocery store shelves and kitchen tables. Their continued work is essential to our plan to manage COVID-19,” Minister Bibeau said. “The measures announced today will provide farmers and food producers across the country with important financial flexibility they will need during these challenging times.”

Bibeau’s announcement followed Prime Minister Justin Trudeau’s pledge to ensure producers, agribusinesses and food processors continue to have access to capital through this unprecedented event.

“Farmers and producers work hard to put food on tables across our country, and they should not have to worry about being able to afford their loan payments or having enough money to support their own families,” said Trudeau. “We are taking action now to give them more flexibility to meet the challenges ahead.”

The FCC’s president and CEO, Michael Hoffort, said agriculture industry workers and businesses who are feeling the pressure of these uncertain times —producers concerned about having the cash flow required to plant crops or food processors feeling the impact of a lost sale due to the financial downturn — can turn to the FCC for assistance.

“It’s in times like these that we are reminded how important Canadian producers and food processors are to our nation and to feeding the world,” said Hoffort.

He added the FCC is using its resources to find solutions that give the industry its best chance at recovery going forward, saying that strong collaboration between banks, credit unions, FCC and other financial institutions is needed to support the industry.

The FCC is also asking customers who have financial concerns to contact them to discuss alternatives, such as loan payment deferrals and products available to assist with cash flow needs.

“Each business’s financial situation is unique, so there may be a combination of options considered,” Hoffort said. “The bottom line is that FCC is being supported by our shareholder to play a bigger role in supporting the success of the Canadian agriculture and food industry across Canada. The sooner we can discuss potential challenges, the more options we have.”

Customers experiencing financial issues are asked to contact their FCC relationship manager or the FCC Customer Service Centre at 1-888-332-3301.

READ MORE: Canadian IOC member Dick Pound expects Olympic postponement

READ MORE: B.C. reports 3 new COVID-19 deaths, as number of cases rises to 472


@michaelrdrguez
michael.rodriguez@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Michael Rodriguez

Leave a Comment
Share
Published by
Michael Rodriguez

Recent Posts

RCMP say body located of man who fell in river during stop for photos in Banff

Parks Canada has said the man was from India and living in Canada on a…

15 mins ago

VIDEO: Mourners pay tribute outside U.S. Supreme Court as battle brews over RBG’s successor

President Donald Trump is reportedly eager to add another conservative jurist to the court

25 mins ago

Paper towel in short supply as people stay home, clean more, industry leader says

While toilet paper consumption has returned to normal levels, paper towel sales continue to outpace…

30 mins ago

RCMP: Vancouver Island trio arrested, firearms seized after report of shots fired in rural Qualicum Beach

Police say search also found evidence of large-scale drug operation

14 hours ago

Liberals pledge $1 billion for cities to buy motels, hotels for rapid-housing program

Social Development Minister Ahmed Hussen expects most of the money to go out the door…

14 hours ago

BC Timber Sales’ operations on the North Island and Central Coast to be audited

The Forest Practices Board randomly chose the region to check for compliance to legislation

15 hours ago