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29.05 - 22:05
Coronavirus: Farmers claim most of $5B in extra credit extended by Ottawa
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Canadian farmers and agriculture businesses have claimed most of the $5 billion in extra credit offered by Ottawa to boost their cash flow during the coronavirus pandemic, in less than two months.
Some 4,800 farmers and businesses have used options to defer payments on loans totalling $4 billion and established credit lines worth another $500 million, the federal agriculture ministry said in a release on Thursday.
The Canadian government had said on March 23 that it would boost the lending capacity of Farm Credit Canada (FCC), a government agriculture lender, by $5 billion.
The pandemic has hit livestock farmers especially hard, as outbreaks at meat-processing plants left them with less demand for their pigs and cattle, even as meat prices
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