To support the Canadian agriculture and food industry as U.S. tariffs are implemented, Farm Credit Canada (FCC) is providing $1 billion in new lending to help alleviate financial challenges.
"There is no relationship in the world like the one Canada shares with the United States, and that certainly extends to our agriculture sectors,” said Hon. Lawrence MacAulay, minister of agriculture and agri-food. “Our supply chains are highly integrated, and our producers rely on fair access to the U.S. market. These unjustified tariffs will have a direct impact on them. Building on our Team Canada response, FCC will be providing financial support to the sector as we adapt to the challenges ahead, so our farmers can keep their operations going and continue producing the best products in the world.”
“We know that agriculture and food producers across Canada are bracing for uncertainty,” said Justine Hendricks, FCC president and CEO. “Agribusinesses, farm operations and food processors are key drivers of our economy and FCC is ready to provide meaningful and immediate support to keep the industry moving forward at this critical time.”
Hendricks said that FCC will rapidly deliver solutions for the industry to adapt to the changing trade and economic conditions. Initially, the focus is on assisting the industry in addressing cash flow challenges so that businesses can adjust to a new operating environment.
Through the Trade Disruption Customer Support program, FCC will provide relief for viable customers and non-customers who meet the necessary lending criteria. This includes access to an additional credit line up to $500,000 and new term loans. Current FCC customers have the option to defer principal payments for up to 12 months on existing loans.
FCC customers and non-customers should contact their local FCC office or call 1-800-387-3232 to discuss their individual situations and available options. Lending due diligence will be carried out on all applications.
Source : The Grower