New Sustainable Canadian Agricultural Partnership Will Provide Additional $500M
Canada’s agriculture industry is one of the largest in the world and accounted for over $82 billion in national exports for the 2021 year, placing Canada in the top five food exporters globally. To achieve this feet, Canadian businesses depend on small business grants, loans, and other incentives to continue innovating new products, processes, and more. One of the largest government support programs has been the Canadian Agricultural Partnership (CAP) program, a five-year, $3 billion commitment that opened in 2018.
With the CAP program expiration date of March 2023 quickly approaching, theCanadian government has reached a new deal called the Sustainable Canadian Agricultural Partnership (SCAP) to take place after March of 2023 when the current CAP program expires. This new agreement will place a larger focus on sustainability in agriculture.
“The path forward leverages regional strengths and diversity to rise to the climate change challenge, support Canadian producers, capture new markets and meet the expectations of consumers at home and abroad. Our discussions this week, and plans for the future, will build off the great work farmers and processors already do. Our ambitious vision, collaborative spirit, and future additional investments will help the sector go even further.”-The Honourable Marie-Claude Bibeau, federal Minister of Agriculture and Agri-Food
The SCAP initiative’s renewed focus on sustainability in agriculture will be funded by an additional $500 million in incentives, such as grants and loans, which will push the total CAP investments to approximately $3.5 billion in government incentives since its inception back in April of 2018.
“As the provincial-territorial co-chair, we are pleased with the increased funding all parties have committed to today. I believe we have found the proper balance between economic and environmental objectives to ensure our industry remains globally competitive. This balance will be vital as Canada’s producers seek to provide the food the world needs. The improvements made to our Business Risk Management suite demonstrate our continued commitment to making programs more timely, equitable and easier to understand. We look forward to the benefits this partnership will achieve for our industry.”-The Honourable David Marit, Minister of Agriculture, Saskatchewan.
Sustainable Canadian Agricultural Partnership for Canadian Businesses
The Sustainable Canadian Agricultural Partnership (SCAP) program will be a five-year initiative that aims to improve measurable metrics for data-sharing and reporting to contribute to a reduction of greenhouse gas emissions by three-five metric tons (MT).
This agreement was accompanied by the announcement of a new SCAP program called the Resilient Agricultural Landscape Program (RALP) which will be tailored to regional needs and a variety of local parameters. This program is projected to be allotted $250M of the new investment, though the program has not officially opened intakes yet.
Government Funding for Canadian Agriculture Companies
This Sustainable Canadian Agricultural Partnership (SCAP) investment will play a large role in improving the list of government funding programs for Canadian Agriculture companies. To see a list of the top programs available today, visit our Canadian Agribusiness Funding Programs page.
To get in touch with a government funding professional about your application, contact our team today.