Fruit & Vegetable Magazine

Features Production Research
N.B. potato producers have time to repay advances


January 17, 2012
By Press release

Topics

January
16, 2012, Grand Falls, NB – New Brunswick potato producers affected by cold and
wet weather in 2011 will have more time to repay their advances under the
Advance Payments Program (APP).

January
16, 2012, Grand Falls, NB – New Brunswick potato producers affected by cold and
wet weather in 2011 will have more time to repay their advances under the
Advance Payments Program (APP).

It was
recently announced that a Stay of Default had been granted until December 31,
2012 on the repayment of advances for potato producers in New Brunswick
following a poor 2011 crop year.

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Farmers
will be able to transfer their outstanding 2011 advances to the 2012 production
period and avoid default. The Government of Canada will continue to pay
interest on the interest-free portion of farmers' outstanding advances until
December 31, 2012. Producers who received a 2011-2012 APP advance and may be in
an overpayment position should contact Potatoes New Brunswick for more
information.

The
Advance Payments Program provides producers with a cash advance on the value of
their agricultural products during a specified period. The short-term loans
improve cash flow throughout the year and help crop and livestock producers
meet their financial obligations and market their products when market
conditions are favourable.

The Stay
of Default came into effect on December 22, 2011. Potato producers who received
an APP advance from PNB may be eligible for the Stay and should contact PNB for
more details at 506-743-3036.