OTTAWA (Staff) – Parliament last week gave final approval to legislation increasing the maximum that can be loaned under the farm improvement loans and marketing co-operatives loans programs.
The legislation increases the cumulative amount the government can guarantee to $3 billion from $1.5 billion.
The government had warned that without the change, new loans would soon have to be refused because the total of loans already approved is approaching $1.5 billion.
The legislation was given royal assent and passed into law June 15, for implementation this summer.
