ONTARIO – The Ontario government announced some financial relief for farm businesses across the province today with a $50 million increase to Ontario’s Risk Management Program.
The Ontario Federation of Agriculture (OFA) recognizes and appreciates the commitment from Premier Doug Ford and the provincial government to invest in the agriculture and food industry. The increase in funding to the Risk Management Program will ensure it can adequately respond to market deficiencies and volatility.
“OFA is thrilled to see this funding increase that was originally earmarked for next year brought forward and made available to farm businesses during a challenging and tumultuous year for many farmers,” said Keith Currie, OFA President.
The Risk Management Program is vital in helping farmers manage risks outside of their control. Access to funding through the program can help farmers offset increased farm operation costs and market unpredictability.
“Today’s announcement from the Ontario government will help to provide the critical support the agriculture sector needs to weather the financial storm caused by the COVID-19 pandemic,” stated Currie.
Ontario’s program, which is administered by Agricorp, is available for eligible farm businesses in the grains, cattle, hogs, sheep, veal, and edible horticulture sectors. In order to qualify, applicants must meet the eligibility criteria outlined in the program guidelines.
As part of the Risk Management Program, eligible horticulture producers have access to a Self-Directed Risk Management account which enables them to receive matching contributions from the Ontario government up to a maximum amount. The deposit maximum is based on eligible Allowable Net Sales.
The Ontario Federation of Agriculture (OFA) is the largest general farm organization in Ontario, representing 38,000 farm families across the province. As a dynamic farmer-led organization based in Guelph, the OFA works to represent and champion the interests of Ontario farmers through government relations, farm policy recommendations, research, lobby efforts, community representation, media relations and more. OFA is the leading advocate for Ontario’s farmers and is Ontario’s voice of the farmer. For more information, visit ofa.on.ca.