By Alice McFarlane

FCC expands financing for young farmers and agribusiness entrepreneurs

Dec 8, 2021 | 3:19 PM

MELFORT, Sask. — Farm Credit Canada (FCC) has enhanced its financing options for young farmers and young food business owners.

FCC director of lending products and sustainability Curtis Grainger said three loan programs are being adjusted.

“It’s really about improving access to capital that allows young, farm families, producers and business entrepreneurs to enter the agriculture value chain and grow their business and pursue their dreams,” he said.

The lifetime maximum amount for the Young Farmer and Young Entrepreneur loans will increase from $1 million to $1.5 million. The loan includes lower lending rates.

Grainger said it can be used to start or expand a business and to purchase shares in an agriculture-related business, including those in the agri-food sector.

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The eligibility and the lifetime maximum approval of the Starter Loan has been expanded. The Starter Loan is designed to support new entrants into the industry, helping them build a solid credit rating and improve their financial literacy.

One of the biggest challenges young farmers and entrepreneurs face is access to capital, according to Grainger.

“Agriculture is tricky. It’s a capital-intensive industry and people need capital to get in. This is FCC’s effort to try and reduce barriers where we can help people get involved,” Grainger said.

Since April 2019, FCC has approved over 6,700 loans specifically tailored for young producers and entrepreneurs worth almost $2.1 billion.

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alice.mcfarlane@pattisonmedia.com

On Twitter: @farmnewsNOW