Loan facility to help seafood farmers with cash flow needs
By Liza Mayer
Canada’s largest agricultural term lender is offering emergency financial support to agricultural and seafood farmers to help them with cash flow during this difficult time.
Farm Credit Canada (FCC) has been lending to the aquaculture sector for over 20 years.
“FCC is working with customers to offer loan payment deferrals and short-term credit products up to a maximum of $500,000 to assist with cash flow needs. Businesses applying for FCC lending products will be subject to normal lending due diligence, which considers business viability, credit history, and management integrity and experience,” Éva Larouche, FCC senior consultant, media relations, told Aquaculture North America (ANA).
The bank is able to offer the package after receiving a $5-billion enhancement to its capital base as part of the Government of Canada’s plan to support the economy during the COVID-19 pandemic.
“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,” Prime Minister Justin Trudeau said.
“We are taking action now to give them more flexibility to meet the challenges ahead,” said Marie-Claude Bibeau, minister of Agriculture and Agri-Food Canada.
“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.”
Disruptions due to COVID-19 have dragged down seafood sales all over North America and the impact is felt across the supply chain.