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By Cam Lee

Agriculture Roundup

Agriculture Roundup for Wednesday May 20, 2020

May 20, 2020 | 10:24 AM

A report from Farm Management Canada and Wilton Consulting Group shows that among farmers who use written business plans, 88 per cent claim it has contributed to peace of mind.

Farm Management Canada project manager Denise Rollin says a lot of farm business is out of their control, including weather and commodity prices.

She says having a set business plan means having less uncertainty.

Rollin says the results confirmed their suspicions that having business plans in place helps reduce stress.

In the study, farmers also revealed while there are a number of mental health programs across the country, very few are specific to agriculture.

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The report includes the results of a survey of over 1,700 farmers, 14 focus groups, and 72 one-on-one interviews with farmers and industry reps.

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Farm Credit Canada has announced $150 million in Canada’s farm and food industry affected by the COVID-19 pandemic.

FCC’s vice president of Finance, Rebecca Clark, says $100 million will go to a venture capital fund, developed for companies that have experienced some kind of business disruption, due to COVID-19 or other reasons.

Clark says the fund is meant to be flexible, to return ag businesses to health, and to provide an alternative means for financing.

She says the fund is for any organizations within the ag or food sector.

The maximum amount to borrow is $10 million per company.