Agriculture Financial Services Corporation (AFSC) is expanding its lending program to offer more assistance to spur on Alberta’s growing agricultural industry.
Under the new program, agricultural producers can now access up to $15 million to invest in their farms and operations. This increase to the lending limit – up from $5 million – 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 to 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.
“The role of AFSC in a long-lasting economic recovery is crucial to our plan. Increasing the lending limit to assist agriculture producers, agribusinesses and food processors expand their operations is another important step towards economic growth, diversification and job creation.”
~Oneil Carlier, Minister of Agriculture and Forestry
“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
“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
Agriculture Financial Services Corporation (AFSC) is a provincial Crown corporation that provides producers, agribusinesses and other small businesses loans, crop insurance and farm income disaster assistance. AFSC has provided Alberta farmers with hail insurance for 80 years, and has grown into a diverse corporation with several core business areas, including crop insurance, livestock price insurance, farm loans, commercial loans and farm income disaster assistance.