News
FCC Young Farmer Loan receiving interest
By Farm Credit Canada
Nov. 14, 2012, Regina, SK - In just over six months, Farm Credit Canada (FCC) has approved over 800 loans worth more than $187 million under the Young Farmer Loan launched in April by Agriculture Minister Gerry Ritz and FCC President and CEO Greg Stewart.
This new loan offers qualified producers who are under 40 loans up to $500,000 to purchase or improve farmland and buildings, with the average loan size being $217,000. The loan includes features and options that address this demographic and support their long-term success, including variable rates at prime plus 0.5 per cent, special fixed rates and no loan processing fees. FCC set aside $500 million for the Young Farmer Loan when it was first announced.
"As Canada's leading agriculture lender, we continue to listen to our customers," said FCC President and CEO Greg Stewart. "We proactively develop products and services tailored to the unique needs of agriculture. I'm pleased with the level of interest in this loan."
The chart below details the amount of Young Farmer loans approved by province, as of November 5, 2012:
|
Area |
Approved |
# of loans |
|
Alberta |
$34.9 million |
170 |
|
Atlantic |
$5.5 million |
30 |
|
British Columbia |
$9.2 million |
29 |
|
Manitoba |
$11.8 million |
51 |
|
Ontario |
$56.1 million |
205 |
|
Quebec |
$11.6 million |
46 |
|
Saskatchewan |
$57.6 million |
330 |
|
TOTAL: |
$187 million |
861 |
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.
