The Business Risk Management Suite
Growing Forward 2: 2013-2018
Federal, provincial and territorial (FPT) Ministers of Agriculture have reached agreement on the five-year Growing Forward 2 policy framework. Governments will continue to deliver a complete and effective suite of business risk management (BRM) programs. New program parameters will be in place by April 1, 2013.
Business Risk Management programs under Growing Forward have been designed based on ideas put forward by producers. They are simple, responsive, predictable and bankable. The programs work together by providing protection for different types of losses, as well as cash flow options:
- AgriInvest is a savings account for producers, supported by governments, which provides coverage for small income declines and allows for investments that help mitigate risks or improve market income.
- AgriStability provides support when a producer experiences larger farm income losses. The program covers declines of more than 15% in a producer's average income from previous years.
- AgriRecovery is a disaster relief framework which provides a coordinated process for federal, provincial and territorial governments to respond rapidly when disasters strike, filling gaps not covered by existing programs.
- AgriInsurance is an existing program which includes insurance against production losses for specified perils (weather, pests, disease) and is being expanded to include more commodities.
- Advance Payments Program (APP) is a complementary program to the Business Risk Management suite. It helps crop and livestock producers with cash flow and provides flexibility for marketing of commodities.
Growing Forward, a federal-provincial-territorial initiative