Agriculture and Agri-Food Canada

Agriculture and Agri-Food Canada

October 06, 2010 16:58 ET

Cranberry Farmers Have More Time to Repay Cash Advances

OTTAWA, ONTARIO--(Marketwire - Oct. 6, 2010) - Cranberry farmers affected by volatile markets now have more time to repay cash advances under the Advance Payment Program (APP). Agriculture Minister Gerry Ritz today announced a Stay of Default on the repayment of advances until December 31, 2010 for cranberry farmers in New Brunswick who received a 2009 advance through the Apple Growers of New Brunswick (AGNB).

"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 comes 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.

Contact Information

  • Agriculture and Agri-Food Canada
    Ottawa, Ontario
    Media Relations
    The Office of the Honourable Gerry Ritz
    Meagan Murdoch
    Press Secretary