Given the current context, La Financière agricole du Québec (FADQ) is committed to showing a maximum of flexibility in managing its financing, insurance and income protection programs. Therefore, La FADQ announces the deployment of additional measures to support farm producers.
Loans of up to $50,000 to support cash flow needs
To help agricultural and agri-food businesses maintain their operations, La FADQ can quickly grant loan guarantees of up to $50,000 free of personal property or real estate property guarantee. This measure is available to any La FADQ financing client with temporary cash flow issues due to the COVID-19 pandemic
La FADQ clients will benefit from a ten-year repayment term and a 12-month capital payment relief with advantageous La FADQ interest rates. To apply, clients must contact their La FADQ financing advisor.
Earlier investment grant payments
Investment grant payments scheduled for June 1 will be made on May 1 instead. The payments amount to some seven million dollars under the following programs: Support for Diversification and Regional Development Program, Support for Québec Farm Business Development Program and Program to Support Funding of Animal Welfare and Energy Efficiency Investments.
Insurance and Income Protection
The deadline to apply and make a contribution payment is postponed to July 3, 2020. This program covers margin drops due to a major loss of income or increase in production expenses. Given the current circumstances, the period to apply is postponed from April 30 to July 3, 2020. The payment of contribution to the program will also be postponed to July 3, 2020.
Interim payments increase from 50% to 75% of program benefits With interim payments, farmers can receive a portion of their program benefits faster. To apply, producers must contact the Financial Information Collection and Processing Team.
“The agricultural sector is affected by the current situation. For this reason, La Financière agricole has deployed additional measures to meet farm producers’ needs. The measures are additional to those recently implemented, including the moratorium on loan repayment and the postponement of seedling deadlines under the crop insurance program.”
“La Financière agricole is fulfilling its mission to support the development of the agricultural sector. In the current unprecedented situation, we remain vigilant and sensitive to farm producers’ needs in order to respond in any way possible.”