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CFA pleased with credit legislation

May 4, 2009 – The Canadian Federation of Agriculture was pleased to
hear the government’s announcement on the Farm Improvement and
Marketing Cooperative Loans Act (FIMCLA).

May 4, 2009 – The Canadian Federation of Agriculture was pleased to hear the government’s announcement on the Farm Improvement and Marketing Cooperative Loans Act (FIMCLA).
 
The announcement outlines the government’s intent to introduce legislation that will expand FIMCLA’s capacity, expanding coverage to cooperatives and young farmers that were previously ineligible, and could result in an additional $1 billion in credit availability over the next five years.
 
“Providing adequate capital to agricultural cooperatives are difficult, long-term problems,” said CFA president Laurent Pellerin. “But the changes proposed here are a positive first step in tackling this important issue.”
 
The announcement also outlines support of intergenerational farm transfers, enabling young farmers to take over the family farm.
 
“Young farmers and cooperatives are a vital part of the agriculture sector, and these changes to the FIMCLA tool are an important step toward enabling their long-term viability,” said Pellerin. “We hope all parties will work together to allow necessary changes to this credit tool and to permit quick passage through the legislative process.”