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Agriculture
and Agri-Food Canada News Release FARM IMPROVEMENT LOAN GUARANTEES PROGRAM TO CONTINUE OTTAWA, ON – The Farm Improvement and Marketing Cooperatives Loans Act (FIMCLA) program will continue as part of the federal government’s ongoing commitment to Canadian agricultural producers. “The program was set to end on March 31, 2006, but farmers and agricultural cooperatives have told us they need a loan program in their communities,” said Agriculture and Agri-Food Minister and Minister for the Canadian Wheat Board Chuck Strahl. “Our challenge now is to explore how the program can work better for them.” Through the FIMCLA program, producers can more easily access credit to improve farm assets, strengthen production, and improve the financial viability of their farms. Loans up to $250,000 for producers and $3 million for cooperatives that are owned by active producers, are guaranteed by the federal government. The program will remain in place as government officials consult with stakeholders about how it can better meet their needs. Further analysis of the FIMCLA program will also be done. Issues under review include how the program can best support beginning farmers and agricultural cooperatives. Agriculture and Agri-Food Canada officials will present their recommendations to the Minister this summer.
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