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

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

Just Posted

Amanda Parsons, a registered nurse on staff at the Northwood Care facility, administers a dose of the Moderna vaccine to Ann Hicks, 77, in Halifax on Monday, Jan. 11, 2021. THE CANADIAN PRESS/Andrew Vaughan-Pool
61 new COVID-19 cases, two more deaths in Interior Health

Twenty-nine people are in hospital, seven of whom are in intensive care

View of the city from West Trail. Photo: Ryden Wahl
What you see …

If you have a recent photo to share email it large or actual-size to editor@trailtimes.ca

Summer does provide some shelter for homeless. In winter, it’s a different story. Photo: Jim Bailey
Trail RCMP offer healing approach to mental health and addictions

People living with a mental illness and substance use disorders need assistance not incarceration

Team Buchy skipped by Kimberley curler Kaila Buchy are unable to defend their BC junior women's title this year, after CurlBC announced the cancellation of the event due to the pandemic. Photo: CurlBC
CurlBC cancels U18 and U21 championships

With curling clubs closing due to PHO order, CurlBC was forced to cancel U18 and U21 events

Tim Schewe
Drivesmart column: Dogs don’t drive: they don’t need to be in the driver’s seat

A smaller dog on the lap could move into a position that would entangle it in the steering wheel

Syringe is prepared with one of B.C.’s first vials of Pfizer vaccine to prevent COVID-19, Victoria, Dec. 22, 2020. (B.C. government)
B.C.’s COVID-19 caseload stays steady with 465 more Tuesday

No new outbreaks in health care facilities, 12 more deaths

New Westminster TV production designer, Rick Whitfield, has designed an office in a box for British Columbians in need of a private workspace. (BC Box Office photo)
PHOTOS: B.C. man designs ‘box office’ solution for those working from home

‘A professionally designed workspace on your property, away from the distractions of home’

Chilliwack ER doctor Marc Greidanus is featured in a video, published Jan. 18, 2021, where he demonstrates and describes effectiveness of various styles of masks. (Youtube)
VIDEO: Emergency room doctor runs through pros and cons of various masks

‘We’ve been asked to wear a mask and it’s not that hard,’ Greidanus says.

(Pixabay photo)
VIDEO: Tip to Metro Vancouver transit police helps woman 4,000 km away in Ohio

Sgt. Clint Hampton says transit police were alerted to a YouTube video of the woman in mental distress

A woman types on her laptop in Miami in a Monday, Dec. 12, 2016, photo illustration. THE CANADIAN PRESS/AP/Wilfredo Lee
British Columbia government lax on cybersecurity practices, auditor reports

The audit did not highlight a specific threat, but it found breaches in cybersecurity are increasing globally

Cranbrook Food Bank coordinator Deanna Kemperman, Potluck Cafe Society executive director Naved Noorani and Sunshine Coast Community Services Society executive director Catherine Leach join B.C.’s new Municipal Affairs Minister Josie Osborne on a video call about B.C. gaming grants, Jan. 19, 2021. (B.C. government)
B.C. gaming grants reorganized for COVID-19 priorities

Minister highlights community kitchens, food banks

(Pixabay photo)
‘Cocaine bananas’ arrive at Kelowna grocery stores after mix up from Colombia: RCMP

Kelowna RCMP recently concluded an international drug investigation after finding cocaine in local grocers’ banana shipments in 2019

A new video from NCCIH and BC Northern Health titled ‘Healing in Pandemic Times: Indigenous Peoples, Stigma and COVID-19’ was animated by Joanne Gervais. (Photo Provided By: NCCIH Archives)
VIDEO: Stigma against Indigenous people is a ‘social sickness’

A new short animated video is aiming to educate the public on the stigmatization

A pinniped was attacked by an unseen predator off the shores of Dallas Road Monday night. (Courtesy of Steffani Cameron)
VIDEO: Seal hunting, not being hunted in video shot off Victoria waterfront

Victoria woman captures footage of pinniped activity off Dallas Road

Most Read