Following the Government of Canada’s announcement of increasing lending capacity by $5 billion, Farm Credit Canada (FCC) has released details of their COVID-19 support program. This includes a summary of the current program’s relief measures, and a frequently asked questions (FAQ) section to provide a more complete explanation.
In an effort to maintain farm cash flow during the critical seeding and planting period, FCC’s measures can be summarized as:
- a deferral of principal and interest payments up to six months for existing loans; or
- a deferral of principal payments up to 12 months;
- access to an additional credit line up to $500,000, secured by general security agreements or universal movable hypothec (Québec only).
For more information and updates, visit FCC’s COVID-19 response webpage.