Canadian farmers, agribusiness and food processors will provide loan deferral assistance and access to more loans through a $5 billion program being administered by Farm Credit Canada (FCC) as Canada’s food sector faces the challenges of COVID-19.
In addition farmers with cash advance loans due April 30, worth $173 million in total, will extended.
The aid was announced earlier today by Prime Minister Trudeau and Agriculture and Agri-Food Minister Marie Claude Bibeau.
Both measures are designed to keep money in farmers’ pockets during unprecedented times, Bibeau told reporters this morning.
Bibeau also thanked Canada’s food chain for continuing to feed Canadians, demonstrating how critical they are to the nation.
Bibeau will provide additional details on the assistance during a news conference this afternoon.