Prime Minister Thanks Food Sector

On his briefing this morning the Prime Minister thanked “people across the entire food sector”. He noted that for “farmers and people across the agri-food business” these are hard times.

FCC Announced $5 Billion in Additional Lending Capacity

He also announced that Farm Credit Canada will provide an additional $5 billion in lending capacity to producers, agribusinesses, and food processor. The full release is below.

Details will be available on FCC’s Website shortly but will include:

  • the availability of payment deferrals to existing customers (producers, agribusiness, agri-food processors) should they need it to assist with cash flow.
  • a new credit line offer of up to $500K, GSA secured, no fees, solid rate (not interest free) to assist producers with cash flow so we can get the 2020 crop planted and to agribusiness and food processors that are experiencing cash flow challenges due to sales disruptions or cash only terms on inputs required for their processing needs.
  • Larger credits could be considered in conjunction with existing creditors should they be required.

https://pm.gc.ca/en/news/news-releases/2020/03/23/prime-minister-announces-support-farmers-and-agri-food-businesses

https://pm.gc.ca/fr/nouvelles/communiques/2020/03/23/premier-ministre-annonce-soutien-les-agriculteurs-et-les