FCC extends Young Farmer Loan Program

Regina, Saskatchewan – Farm Credit Canada (FCC) has extended its loan program designed to help young farmers purchase or improve farmland and buildings.

Bright future in agriculture

“Young people are seeing a bright future in agriculture and we share that vision,” said FCC President and CEO Greg Stewart. “We listen to our customers and are committed to developing products and services tailored to young farmers and the unique needs of the agriculture industry.”

Young Farmer Loan Program

Launched in March 2012, the Young Farmer Loan Program offers qualified producers who are under 40 years of age loans of up to $500,000 to purchase or improve farmland and buildings. The loan includes features and options that address this demographic and support their long-term success, including variable rates at prime plus 0.5%, a special fixed rate and no loan processing fees.

FCC has approved more than $500 million in loans since the program was announced, and is now doubling its commitment to $1 billion for lending to young farmers.

Long-term prosperity

“A strong agriculture industry is vital to the long-term prosperity of the country, so it’s great to see the continuation of this financing option,” Agriculture Minister Gerry Ritz said. “The very presence of FCC provides confidence and security for both FCC customers and non-customers to expand their operations and move the agriculture industry forward.”

FCC Young Farmer Loan

The Young Farmer Loan enhances FCC’s suite of existing products and services that support young producers, such as the FCC Transition Loan, FCC Ag Knowledge Exchange events, FCC Publications, FCC on Campus, and FCC Management Software for both accounting and field management. In 2012-13, FCC approved $2.3 billion in financing to farmers under age 40, contributing to record disbursements of $7.7 billion to help customers expand or start their operations.

For more information on the FCC Young Farmer Loan, visit www.fcc.ca/youngfarmerloan or producers can call the local FCC office
at 1-800-387-3232.

FCC is Canada’s leading agriculture lender, with a healthy portfolio of more than $25 billion and 20 consecutive years of portfolio growth. FCC is strong and stable – committed to serving the industry through all cycles, and to being socially and environmentally responsible. FCC provides financing, insurance, software, learning programs and other business services to producers, agribusinesses and agri-food operations. Employees understand agriculture and are committed to the success of customers and the industry. With FCC in the market, producers benefit, agriculture benefits, rural Canada benefits and so do all Canadians. For more information, visit www.fcc.ca. Follow Farm Credit Canada on Facebook and LinkedIn, and on Twitter @FCCagriculture

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