A new Revolving Loan Program provides eligible Alberta agriculture producers with access to funds in a more flexible way.
Under the program, Agriculture Financial Services Corporation (AFSC) clients have greater control over when they can access funds, up to their established limit, through a pre-approved, self-selecting, renewable lending agreement with competitive interest rates.
“There are times when Alberta producers require additional funds to grow their operation and to continue to be competitive in the global market,” said Evan Berger, Minister of Agriculture and Rural Development. “Young producers, in particular, face many challenges. Financing opportunities such as this may aid in removing hurdles young producers are currently facing.”
The Revolving Loan Program offers competitive rates and gives clients the unique option of setting their rates for one, two or three years. Clients are also able to re-borrow funds that have been repaid, up to their maximum approved limit.
“The demand for loans through AFSC has grown steadily over the last seven years and is now approaching $500 million per annum,” said Brad Klak, AFSC President and Managing Director. “The program was developed in response to client feedback and requests from agriculture industry groups seeking an alternative delivery approach to AFSC’s traditional term loan programs.”
AFSC will start accepting applications on April 1, with initial disbursements on May 1. For program details and information, visit www.afsc.ca or call 1-877-899-2372.
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