Farm Credit Canada is receiving a $5-billion lending increase. (File)

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

The increase will give the agriculture industry more flexibility to tackle coming challenges

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.

CoronavirusFarming

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Ridge Meadows top cop recognized with global award

Supt. Jennifer Hyland earns international honours for mentoring and coaching

Overdose issues continue to plague Maple Ridge

Ridge Meadows RCMP responded to five overdoses in two days last month

Non-profit Maple Ridge preschool closing after 30 years

Golden Ears Preschool will not be opening in September

Meridian re-ignites its fundraising program to help local charities

A Maple Ridge-based food market aids in raising $50,000 during the first 10 months of its program

Horrifying video shows near head-on collision on Trans Canada

The video was captured on dash cam along Highway 1

Fraser Valley woman complains of violent RCMP takedown during wellness check

Mounties respond that she was not co-operating during Mental Health Act apprehension

B.C. sees 12 new COVID-19 cases, no new deaths

Three outbreaks exist in health-care settings

Lost dog swims Columbia River multiple times searching for home

The dog was missing from his Castlegar home for three days.

COVID-19: B.C. promotes video-activated services card

Mobile app allows easier video identity verification

ICBC to resume road tests in July with priority for rebookings, health-care workers

Tests have been on hold for four months due to COVID-19

Would you take a COVID-19 vaccine? Poll suggests most Canadians say yes

75 per cent of Canadians would agree to take a novel coronavirus vaccine

Abbotsford school vice-principal accused of getting Instagram ‘confessions’ page shut down

@A.S.S.S.Confessions page claims school officials contacted families to find out person behind page

Recreational chinook openings leave First Nations frustrated on the Lower Fraser

Limited recreational openings for chinook on the Chehalis and Chilliwack rivers being questioned

Most Read