Canada’s 233 mink farmers have been granted more time to repay cash advances under the Advance Payments Program (APP). They now have until June 1, 2015 to repay their 2013 advance in full.
An Agriculture Canada release said the price of mink fur has dropped significantly this past year and mink producers may be unable to repay their APP advances by the September 30, 2014 deadline.
It said the stay of default was granted at the request of the APP administrators to provide producers with an additional eight months to sell their pelts and to repay their outstanding APP advances. Producers will also have the option to repay their APP advances in cash without penalty and at a lower rate than the original APP advance rate, to reflect the decline in prices.