McCain Foods is partnering with Farm Credit Canada (FCC) to offer financial incentives for potato growers to transition to more sustainable agricultural practices, a Nov. 1 news release said.
The initiative will give financial incentives to McCain potato growers who are at the onboarding level or higher on McCain’s Regenerative Agriculture Framework. The release noted it will use a combination of funds from FCC’s Sustainability Incentive Program and McCain to issue an annual incentive to farmers for the life of the program.
“We are proud to both reward McCain potato farmers who are leading the way on regenerative agriculture and reduce financial barriers for those who are starting their journey,” Daniel Metheringham, vice-president of agriculture at McCain, said in the release.
Through the Sustainability Incentive Program, FCC customers who are McCain suppliers will be eligible to receive an incentive payment for their farm sustainability efforts, the release said. The calculation is based on a portion of their total owing for eligible lending with FCC to a maximum payment of $2,000 a year. Growers will also receive free access to FCC AgExpert farm management software for a year, the release said.
McCain will match $2 for every dollar received from FCC for growers at the beginner level on the Regenerative Agriculture Framework. The release noted this incentive from McCain increases as farmers progress through the framework to the master and expert levels. The incentive offered at these levels is roughly equal to interest-free financing (assuming up to $400,000 at four per cent) to a maximum payment of $14,000 from McCain and $2,000 from FCC.
“The ability for expert and master regenerative farmers to receive a significant incentive reduces barriers to farm investment in an era of rising rates, increasing complexity, and escalating climate variability,” Matt Hemphill, executive director of New Brunswick Potatoes, said in the release.