News Feed Item

Mink Producers Granted More Time to Repay Cash Advances

OTTAWA, ONTARIO -- (Marketwired) -- 07/16/14 -- Agriculture and Agri-Food Canada

Canada's mink producers facing financial challenges as they adjust to a dramatic shift in the world mink market have been granted more time to repay cash advances under the Advance Payments Program (APP). Agriculture Minister Gerry Ritz today announced a national Stay of Default for mink producers who have a 2013 APP cash advance on mink pelts issued through the Agri-Commodity Management Association (ACMA), the PEI Federation of Agriculture, the Canada Mink Breeders Association, the Newfoundland and Labrador Federation of Agriculture, and the Fur Farmers of Canada Marketing Association.

Mink producers now have until June 1, 2015 to repay their 2013 advance in full. The Stay of Default was granted at the request of the APP administrators to provide producers with an additional eight months to sell their pelts and to repay their outstanding APP advances. Producers will also have the option to repay their APP advances in cash without penalty and at a lower rate than the original APP advance rate, to reflect the decline in prices.

Producers who received an APP advance on milk pelts for the 2013 production period are eligible for the Stay of Default and are encouraged to contact their APP program administrator for more details.

Quick facts

--  The price of mink fur has dropped significantly this past year. As a
    result, mink producers may be unable to repay their APP advances by the
    September 30, 2014 deadline.
--  The APP is a financial loan guarantee program that provides producers
    easier access to credit through cash advances. Under the APP, producers
    can receive cash advances of up to $400,000 on the value of their
    agricultural product, of which the first $100,000 in each production
    year is interest free. The deadline to repay APP advances for the 2013
    production period has now been extended to June 1, 2015.
--  Canada was home to 233 mink farms in 2012, up from 224 in 2008. Farm
    cash receipts from the sales of furs (including both fox and mink) in
    Canada amounted to almost $248 million in 2013, up from almost $92
    million in 2008. (Statistics Canada)


"This stay of default will alleviate some of the pressures Canada's mink producers currently face giving them more time to sell their pelts, increase their cash flow, and contribute to our economy."

- Agriculture Minister Gerry Ritz

"The extra eight-month extension to make repayment will ease a lot of the current cash flow pressure, allowing ranchers to get their current pelt crop to market in the winter and spring."

- Brad McCallum, Executive Director, Agri-Commodity Management Association

Additional links

- Advance Payments Program

- Agri-Commodity Management Association (ACMA)

- PEI Federation of Agriculture

- Canada Mink Breeders Association

- Newfoundland and Labrador Federation of Agriculture

- Fur Farmers of Canada Marketing Association

Jeff English
Director of Communications
Office of the Honourable Gerry Ritz

Media Relations
Agriculture and Agri-Food Canada
Ottawa, Ontario
Follow us on Twitter: @AAFC_Canada

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, you'll learn about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how Docke...
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...