November
9, 2010, Ottawa, Ont – Cranberry farmers affected by volatile markets now have
more time to repay cash advances under the Advance Payment Program (APP).
November
9, 2010, Ottawa, Ont – Cranberry farmers affected by volatile markets now have
more time to repay cash advances under the Advance Payment Program (APP).
|
|
Cranberry
farmers in New Brunswick, who received a 2009
advance through the Apple Growers of New Brunswick
(AGNB), have a Stay of Default on the repayment of advances until December 31,
2010.
"Recent downturns in the market have been challenging for the
industry and this stay will provide farmers with some flexibility in
marketing their product." said Minister Ritz. "Not only will farmers
have access to cash flow on their 2010 harvests, but they will be able
to transfer their outstanding 2009 advances to the 2010 production
period and avoid default."
Farmers who took an advance
in the 2009 crop year are facing the prospect of repaying large cash
advances this fall, creating significant cash-flow pressures. The Stay
of Default was granted following a request from the AGNB to provide
more time for cranberry growers to market their products. As part of
the stay, farmers will be eligible to apply for 2010 advances and have
any outstanding amounts transferred to the 2010 production period.
The
Stay of Default came into effect on October 1, 2010. Cranberry farmers
who received a 2009 APP advance from the AGNB are eligible for the stay.
Farmers should contact the AGNB for more details at 506-386-8100.
Print this page
