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Looming pandemic loan deadline must not be ignored
News, Other

Looming pandemic loan deadline must not be ignored

Farmers face a significant financial hit if they don’t pay back their Canada Emergency Business Account loan by Jan. 18

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Glacier FarmMedia – It’s not the sort of thing you can afford to forget. If farmers received money from the Canada Emergency Business Account during the pandemic, missing the Jan. 18 repayment deadline could bring a sharp boot to the finances. “It would be $20,000 evaporating,” said Marvin Slingerland, MNP’s national director for livestock services.
“During this time of high interest rates, it’s becoming more imperative for producers to use low-interest financing tools.” – Syeda Khurram.
News, Other

Farmers cash in on interest-free loans

This summer the federal government upped the interest-free portion of the Advance Payments Program

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Manitoba administrators of the Advance Payments Program say clients are making use of the increased interest-free portion and borrowing more money. “The amount of the advances have [increased] significantly,” said Randy Ozunko, who manages the program for the Manitoba Pork Council. The APP is federally funded and administered by producer groups. It offers up to
Surgery on a horse at the Western College of Veterinary Medicine’s equine veterinary medical centre in Saskatoon. (WCVM video screengrab via YouTube)
Livestock

Saskatchewan’s livestock vet loan plan expanded to bigger centres

Urban vet clinics' work with rural producers noted

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Saskatchewan’s program to forgive provincial student loans for veterinarians and vet techs serving livestock producers at rural clinics will now also cover those doing the same work out of bigger communities. The province’s Loan Forgiveness for Veterinarians and Veterinary Technologists program was first announced in April last year, offering forgiveness of 20 per cent of
Province increases agriculture loan limits
News

Province increases agriculture loan limits

MASC can now lend as much as $4.25 million directly to producers

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The Manitoba Agricultural Services Corporation (MASC) is increasing limits on several lending products. Effective April 1, 2022, the direct loan limit will increase to $4.25 million from $3.5 million, reflecting increased land values and operating costs. Agriculture Minister Derek Johnson said in a media release the changes will help farmers “manage demands of farming in today’s economy.”
Cashing out: The history of the cash advance in Manitoba
News, Other

Cashing out: The history of the cash advance in Manitoba

Manitoba’s corn cash advance started 40 years ago followed shortly by canola

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Corn was the first non-wheat board crop in Manitoba to qualify for the federal government’s cash advance program starting in 1981. Jim Pedersen, who was president of the Manitoba Corn Growers’ Association at the time, helped get the association incorporated — a prerequisite to administering the program that offers low- and no-interest loans to farmers
Federal Finance Minister Chrystia Freeland appears at a news conference in Ottawa on Sept. 24, 2020. (Photo: Reuters/Blair Gable)

More farmers expected to benefit from new CEBA eligibility expansion

Businesses operating via personal accounts to now be eligible

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The latest tweak to the Canada Emergency Business Account (CEBA) pandemic aid program is expected to allow farmers who run their business via personal bank accounts to seek CEBA loans. Federal Finance Minister Chrystia Freeland announced Monday that “as early as” Oct. 26, CEBA will be available to businesses which until now have been operating
Ag Minister Marie-Claude Bibeau speaks at Cigi in Winnipeg on March 13, 2019. (Dave Bedard photo)
Weather

CEBA expanded to farms, other ‘owner-operated’ businesses

Program offers zero-interest, partly-forgivable loans

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Farms and other “owner-operated” businesses with little or no payroll may soon be able to get in on a federal program offering zero-interest loans to businesses up against pandemic-related drops in revenue. Prime Minister Justin Trudeau on Tuesday announced an expansion of eligibility under the Canada Emergency Business Account (CEBA) to also include “sole proprietors
(Assnat.qc.ca)
Weather

Quebec ag lender offers break on loan payments

Crop insurance enrolment deadline also postponed

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Quebec’s provincial farm lending agency is set to offer a six-month moratorium on loan repayments to any customers who ask for one, against what it describes as a “crisis” for the ag sector. La Financiere agricole du Quebec (FADQ) said Saturday the six-month stay would help lighten the obligations for farm businesses, providing them liquidity
(Photo courtesy Canola Council of Canada)
Markets

Cash advance repayment deadlines extended

FCC gets added capital to boost lending capacity

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Canadian farmers who have repayment deadlines coming up on their cash advances between now and the end of April will get extra time to repay those loans. The federal government on Monday announced a stay of default on loans coming due on or before April 30 under the Advance Payments Program (APP), among other measures

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