Their receipts plunged from $271.5 million in 2015 to $131.9 million in 2020, said Ontario Agriculture Minister Lisa Thompson.
The loans will be secured by stored crops.
She said ginseng growers were hit by bad weather, COVID-19 and trade restrictions.
The loans will be available beginning April 1 from the Agricultural Credit Corporation. The government will guarantee up to 25 per cent of the loans and Thompson said it has earmarked $130 million for the three-year pilot project.
Million-dollar loans seems a bit rich for any commodity, let alone the ginseng guys. Why not tell them to rely on AgriStability?