Prime Minister Justin Trudeau has announced $5,000,000,000 in funding to Farm Credit Canada to help the agrifood sector weather the COVID-19 crisis, as well as a stay of default on repayments of funds farmers borrowed under the Advance Payments Program.
The FCC will use the new funding to lend to producers to cope with cashflow issues, and to processors who are impacted by lost sales.
Trudeau says this is an important measure, representing $173,000,000 in deferred loans, will keep more money in farmers' pockets during these critical months.
