Canadian government boosts loans for canola farmers
OTTAWA – The federal government is rolling out changes to a payment program for canola farmers to help those affected by China’s decision to ban the Canadian product.
Agriculture Minister Marie-Claude Bibeau says the maximum loan limit through the program will be boosted to $1 million from $400,000, and the portion that will be interest free is rising to $500,000 from $100,000.
The government’s announcement comes after China barred Canadian canola from two of the country’s biggest exporters in what is considered retaliation for the detention of Huawei executive Meng Wanzhou.
China imported $2.7 billion worth of Canadian canola seed last year, which ensures any prolonged blockage will hurt farmers, the industry and the broader economy.