Canada: Ontario provides support for ginseng farmers

Published 2022년 3월 11일

Tridge summary

The Ontario government has announced a $130 million three-year commitment to launch the Ginseng Storage Loan Guarantee Pilot Program, aimed at helping ginseng farmers. The program will allow farmers to borrow up to $1 million against the value of their stored crops, with the government guaranteeing up to 25% of any loan that cannot be repaid. The initiative is set to launch on April 1, 2022, and will be managed by the Agricultural Credit Corporation. This is part of the government's broader efforts to support farmers and increase their capacity to manage business risks.

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Original content

March 11, 2022 Agriculture, Food and Rural Affairs BRANTFORD — The Ontario government is supporting the creation of an industry-led pilot loan guarantee program to assist the province’s ginseng farmers in sustaining and growing their business. “The ginseng industry is an important part of the agri-foods sector in Ontario, and the development of this programming is the result of months of discussions with our ginseng farmers about how we can help them given their unique growing cycle,” said Lisa Thompson, Minister of Agriculture, Food and Rural Affairs. “The new Ginseng Storage Loan Guarantee Pilot Program will help stabilize and strengthen ginseng operations, ensure their long-term economic viability and growth, and provide a boost for the communities where they grow this world-renowned crop.” The $130 million, three-year commitment to back the Ginseng Storage Loan Guarantee Pilot Program enables participating farmers to borrow up to $1 million against the value of their stored ...

Source: Ontario