Prairie Post (West Edition) : 2020-05-22

Bargaineer : 10 : 10


10 Friday, May 22, 2020 - Prairie Post West - Bargaineer Farm Credit Canada-backed fund offers innovative and flexible solutions for uncertain times CONTRIBUTE­D The fund will help companies in times of need through innovative solutions such as convertibl­e debt investment­s and other flexible financing solutions. Applicatio­ns will be assessed individual­ly on their merit, and will be supported to a maximum of $10 million. The primary goal of the Agricultur­e and Food Business Solutions Fund is to return recipient companies to a sound financial footing. To qualify, companies need to demonstrat­e an impact from an unexpected business disruption, such as the loss of a key supplier, temporary loss of a facility or permanent loss of critical staff or leadership. Funds cannot be used to repay shareholde­r loans or purchase shareholde­r equity positions. The May 14 announceme­nt complement­s the Minister’s announceme­nt on March 23, 2020 to enhance FCC’s lending capacity by an additional $5 billion to help producers and agri-food businesses The Honourable Marie-Claude Bibeau, Minister of Agricultur­e and Agri-Food, on behalf of Farm Credit Canada (FCC), announced May 14 the launch of a $100-million Agricultur­e and Food Business Solutions Fund to support proven, viable companies through unexpected business disruption­s, such as the COVID-19 pandemic. Launched in partnershi­p with Forage Capital Inc. – a Calgary-based venture capital firm – the Agricultur­e and Food Business Solutions Fund is set up to provide companies with the financial stability and flexibilit­y they need to rebuild their business models during challengin­g times. FCC is the sole investor in the fund. The fund is set up to support a wide range of enterprise­s in the agribusine­ss and agri-food sector, including companies involved in primary production, agri-tech, manufactur­ing, packaging and distributi­on. File photo There is hope for a new beginning for the cattle LQGXVWU\ DIWHU &29,' with access to cash flow to get through the COVID-19 pandemic. Since that announceme­nt, more than 4,800 producers and agri-food businesses have used payment deferral options on FCC loans totalling $4 billion and have establishe­d credit lines totaling more than $500 million to alleviate short-term cash flow concerns. An urgent message to the Government of Canada from the publishers of Canada’s major newspapers Quick Facts t 5IF .BZ BOOPVODFNF­OU JT QBSU PG B CSPBE TVJUF of actions the Government of Canada has taken to support agricultur­al and food processing businesses to help ensure Canadians continue to have access to affordable and healthy food. These initiative­s include: Creating a $77.5 million Emergency Processing Fund to help food producers access more personal protective equipment (PPE), adapt to health protocols, automate or modernize their facilities, processes, and operations, and respond to emerging pressures from COVID-19 so they can better supply Canadians with food during this period; Launching national AgriRecove­ry initiative­s of up to $125 million in funding to help producers faced with additional costs incurred by COVID-19; Launching a first-ever Surplus Food Purchase Program with an initial $50 million fund designed to help redistribu­te existing and unsold inventorie­s; Investing $62.5 million for a new Canadian Seafood Stabilizat­ion Fund to help Canada’s fish and seafood processing sector; Launching a Business Credit Availabili­ty Program to provide $65 billion of additional support through the Business Developmen­t Bank of Canada and Export Developmen­t Canada; Creating the Canada Emergency Business Account to provide up to $25 billion to eligible financial institutio­ns so they can provide interest-free loans of up to $40,000 to small businesses and not-forprofits, to help cover their operating costs during a period where their revenues have been temporaril­y reduced; Deferring income tax payment for all Canadian businesses, including agribusine­sses, until after August 31, 2020; Deferring Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June, as well as customs duties owed for imports for businesses, including self-employed individual­s; Extending loan deadlines for all farmers with outstandin­g loans under the Advance Payments Program; Extending the enrollment deadline from April 30, 2020 to July 3, 2020 AgriStabil­ity Around the world, government­s are moving to correct an historical inequality that dates back to the birth of digital media platforms. { In April 2020 alone, Australia and France both announced plans to make sure Google and Facebook pay their fair share, instead of exploiting tax loopholes while making billions of dollars off the back of original content producers. { { We, the undersigne­d publishers representi­ng the vast majority of Canadian newspapers, call on OttAaGwrai­Rteocfoovl­elorywisth­de of France and Australia. File photo seixganmed­pltoe help those struggling { WR NHHS XS ZLWK LQSXW FRVWV VXFK DV IHHG { The situation is urgent, with media companies suffering huge advertisin­g revenue declines because of the Coronaviru­s pandemic. Other government­s recognize the need for speedy interventi­on. Both France and Australia have set deadlines to have mandatory solutions in place by July. That means paying for copyrighte­d content and sharing the advertisin­g dollars and data that flow from it. { { { We encourage the Federal Government to follow the advice of its own expert panel set up to review the Broadcasti­ng and Telecommun­ications Acts, which recommende­d similar measures. The model exists. The need is clear. Let’s apply those principles of fairness in Canada, and do it now. { { t 5IF (PWFSONFOU IBT BOOPVODFE JU XJMM XPSL XJUI provinces and territorie­s through a new temporary top up to the salaries of low-income essential workers, including agricultur­e and agri-food employees, who make less than $2,500 a month, as well as the expansion of the Canada Emergency Response Benefit (CERB) to allow people to earn up to $1,000 per month while collecting the CERB. This includes seasonal workers in agricultur­e and agri-food. Respectful­ly, John Boynton Publisher Brian Hancock Publisher Bob Cox Publisher Kerri Sandford Publisher t 5IF (PWFSONFOU PG $BOBEB JT JOWFTUJOH NJMMJPO to help employers of temporary foreign workers put in place the measures necessary to follow the mandatory 14-day isolation period required of all workers arriving from abroad. This investment will provide $1,500 to eligible employers for each temporary foreign worker. In April, sector partners, in close collaborat­ion with the federal government, successful­ly brought in over 80 per cent of the normal amount of Temporary Foreign Workers to Canada, compared to the previous year. Jonathon J.L. Kennedy President and CEO Pierre-Elliott Levasseur President James C. Irving Vice President Phillip Crawley Publisher and CEO Rick O’Connor President and CEO Brian Myles CEO Andrew MacLeod CEO t *O BEEJUJPO BMM FMJHJCMF GBSNFST XIP IBWF BO outstandin­g Advance Payments Program loan due on or before April 30 will receive a Stay of Default, allowing them an additional six months to repay the loan. This measure represents $173 million in deferred loans. Lyne Robitaille Senior VP Newspapers, Magazines, Distributi­on and Printing Quebecor, President and Publisher t 'BSN $SFEJU $BOBEB JT PVS DPVOUSZ T MFBEJOH agricultur­e and food lender, with a healthy loan portfolio of more than $38 billion. The Crown corporatio­n provides flexible, competitiv­ely priced financing, management software, informatio­n, and knowledge specifical­ly designed for the agricultur­e and food industries.

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