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Federal government helps farm loan agency to deal with COVID-19 pandemic

Reference: FCC

OTTAWA - Farm Credit Canada is getting support from the federal government that will boost its lending capacity by $5 billion to help farmers and food processors cope with the COVID-19 pandemic.

The federal government says the change will give flexibility to farmers who face cash flow problems and help processors that have lost sales.

The government says eligible farmers who have a loan due under the Advance Payments Program on or before April 30 will also get an additional six months to repay the loan.

The government says that represents $173 million in deferred loans.

Farmers who have outstanding interest-free loans will be able to apply for an additional $100,000 interest-free portion in financing for 2020-21, as long as their total advances under the Advance Payments Program remain under a $1 million cap... Read More