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La Financière agricole
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La Financière agricole du Québec

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COVID-19 : Announced Measures for Producers

Below is a presentation of the support measures implemented to assist you through the crisis caused by the COVID-19 pandemic.

What insurance and income protection measures have been announced?

Our actions under the insurance and income protection program are as follows:

  • Crop Insurance Program (ASREC):
    • The enrolment date is extended from April 30 to May 21, 2020.
    • Notices of assessment are deferred from June 1 to July 1, 2020.
    • For market garden crops, seeding cut-off dates are deferred.
  • AgriStability:
    • The deadline to apply and make a contribution payments 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 enrol is postponed from April 30 to July 3, 2020. The payment of contributions to the program is also 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.
  • Farm Income Stabilization Insurance Program (ASRA):
    • No notice of assessment will be sent before July 1.
    • Final payments for the 2019 insurance year will be made in April for the cattle and hog sectors and in May for the sheep sector, as scheduled.
    • The second advance for cereal and canola compensations will be paid in April.

What financing measures have been announced?

  • Potential six-month moratorium on loan repayments
    • The moratorium was introduced for businesses facing temporary financial difficulties.
    • You must apply with your financial institution, through your account manager. They should be able to explain the various terms and conditions to you. Your FADQ advisor can also help you through this process.
  • 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.
    • You can benefit from a ten-year repayment term and a 12-month capital payment relief with La FADQ’s advantageous interest rate. To apply, please contact your 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.
  • If your situation requires specific needs, you must contact your FADQ advisor to find a suitable solution.

Please refer to our Frequently Asked Questions for any further questions you may have regarding COVID-19.