Fruit & Vegetable Magazine

New FCC starter loan

Loan funds can be used to finance the purchase of assets such as livestock, equipment, or an existing business.

March 4, 2019  By Fruit and Veg magazine

Canada’s agriculture and food system is a leading producer of high-quality, safe products and a key driver of the country’s economic growth. The Government of Canada understands the importance of this sector in creating good, middle-class jobs, while growing the economy, and is committed to working with farmers, ranchers and processors to ensure its continued innovation, growth and prosperity.

Minister of Agriculture and Agri-Food Lawrence MacAulay recently delivered a keynote address at the Canadian Federation of Agriculture’s Annual General Meeting attended by Canada’s farm and agricultural industry leaders. In his remarks, Minister MacAulay highlighted the Government of Canada’s strong agenda for agriculture, including growing trade, expanding markets, supporting innovation and sustainable growth.

Minister MacAulay also unveiled Farm Credit Canada’s (FCC) new Starter Loan to help young borrowers involved in the agriculture sector access the financial capital and knowledge they need to start and grow their business.

The Starter Loan is intended to give young borrowers the independence and financial literacy skills they need, while establishing a solid credit history along the way. FCC’s Starter Loan is a catalyst for young borrowers to take that first step towards achieving their dreams in Canadian agriculture. Loan funds can be used to finance the purchase of assets such as livestock, equipment, or an existing business.

“The Government of Canada understands the importance of the agriculture and agri-food sector and is committed to ensuring it remains an engine of growth for our economy. By providing young farmers and processors with the tools and knowledge they need to succeed, we will continue to help build a strong, innovative sector, while strengthening our communities and growing the middle class,” said Minister MacAulay.

The FCC Starter Loan of up to $50,000 is offered at preferential rates, with no fees and is available to both primary producers and agri-businesses, for applicants 18-25 years old. Borrowers can contact their local FCC office for more information and to apply for an FCC Starter Loan.

“The FCC Starter Loan shows our commitment to supporting our customers throughout their lifetime. A young borrower may have the goal of starting a cattle herd or purchasing some quota. Another may take their entrepreneurial vision to the next level with a vertical farming system or decide to purchase their first piece of equipment. It’s a start to a lifetime of possibilities,” said Michael Hoffort, FCC president and CEO.

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