Prime Minister Justin Trudeau says his government is providing the support farmers need to keep food growing and the tables of Canadians. Ottawa is set to release $5 billion in additional lending capacity to farmers and farm businesses through Farm Credit Canada.
“If you are a producer concerned about having the cash flow required to plant your crop, or you are a food processor feeling the impact of a lost sale due to the financial downturn, FCC is here to support you in these uncertain economic times,” says FCC President and CEO Michael Hoffort. “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.”
The funding follows last week’s announcement of $82 billion in various spending measures to help deal with the COVID-19 pandemic. FCC says the additional lending capacity will be used for priorities including ensuring cash flow for getting crops planted.