Government Improves Support Programs For Farmers

"When Canadian farm families face these downturns, this Government is backing them up with solid support to get them back on their feet to compete in the global marketplace." Since coming to office, this Government has already delivered flexible and bankable programs that will provide up to $1.5 billion in funding to livestock producers in late 2007 and 2008. Proposed changes to the Advance Payments Program (APP) through the amendments to AMPA will make sure Canadian producers can access up to $400,000 in repayable advances. The proposed amendments to the APP will provide easier access to immediate cash flow by: - Removing the requirement for livestock producers to use a Business Risk Management program such as AgriStability as security for a cash advance and allowing producers to use inventory as security. This brings the treatment of livestock more in line with other produced commodities. - Adding "severe economic hardship" as a condition to offer emergency advances, on the recommendation of the Minister of Agriculture and Agri-Food and the Minister of Finance. - Revising the security requirements for emergency advances and increasing the emergency advance available to producers from a maximum of $25,000 to $400,000 in conditions of severe economic hardship. ... http://www.marketwire.com/mw/release.do?id=825227

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