AFSC unveils new lending programs
Agriculture Financial Services Corporation (AFSC) is expanding its lending program to offer more financial services to spur on Alberta's growing agricultural industry and support rural economic development.
Under the new program, agricultural producers will now be able to access up to $15 million to invest into their farms and operations. This increase from $5 million to the lending limit ensures AFSC is able to meet the needs of the evolving market and its stakeholders and support rural economic development.
AFSC’s new lending programs are designed to help young or new agricultural producers access capital. Current producers will also benefit from AFSC’s revised lending programs so that they can expand or increase their own operations. Entrepreneurs in the agri-food and agribusiness sectors will also have access to new lending programs.
This investment is an important step towards diversifying Alberta’s economy and creating new job opportunities throughout the province.
The changes to AFSC’s lending programs are effective immediately.
“Redefining our lending programs and increasing the lending limit allows AFSC to continue to play a crucial role in building a strong, growing and diversified agriculture and agri-food sector in Alberta.”
Jennifer Wood, board chair, AFSC
“The role of AFSC in a long-lasting economic recovery is crucial to our plan. Increasing the lending limit to assist agriculture producers, agri-businesses, and food processors expand their operations is another important step towards economic growth, diversification and job creation.”
Oneil Carlier, Minister of Agriculture and Forestry
“This program has opened a wide range of opportunities for BioNeutra to move up, whether it is research we are doing on products to acquiring additional machinery. Better than that, the new lending programs encourage more investment from the private sector.”
Bill Smith, senior vice president & chairman of the board, BioNeutra
“I am a very strong supporter of AFSC and believe that the new program offers even better opportunities than the previous program. Without AFSC support we would never have become one of the largest food processors in Alberta.”
Jerry Bigam, CEO and president, Kinnikinnick Foods & board member, Alberta Food Processors Association
More information on AFSC’s new lending programs can be found by contacting a Lending Specialist at an AFSC branch office, calling 1.877.899.2372 or emailing firstname.lastname@example.org.
AFSC’s Lending Programs
Next Generation Loan Program
This flexible source of financing is available to applicants either under the age of 40, or those that have been farming for less than three years, to establish, expand, and refinance their operations. Young Producer Incentive (YPI) provides eligible Next Generation loan borrowers under the age of 40 with a 1 per cent rate reduction to lower the initial cost of financing, on up to 1 million dollars in loans per individual.
Developing Producer Loan Program
Assists current agriculture producers to acquire necessary assets to expand and sustain agriculture operations.
Alberta Producer Loan Program
Supports current agriculture producers with long-term financing that enables them to restructure and maintain their operations.
Revolving Loan Program
This convenient existing loan program provides easy and online access to working capital to support primary agriculture operations.
Agribusiness Loan Program
Competitive fixed-rate loan terms support investments in Alberta’s agribusiness sector. Financing is provided to Alberta’s food processors, agribusinesses, and rural utilities to help start, develop and grow operations.
Rural Business Loan Program
Geared towards small to medium-sized commercial business in rural Alberta, the Rural Business Loan offers customized loan terms and competitive rates supporting investments for new or existing businesses in rural communities.