AFSC un­veils its new lend­ing pro­grams to help growth

Prairie Post (West Edition) - - Agriculture -

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.” said 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.” said 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,” added Bill Smith, se­nior vi­cepres­i­dent & 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,” ex­plained Jerry Bigam, CEO and pres­i­dent, Kin­nikin­nick Foods & board mem­ber, Al­berta Food Pro­ces­sors As­so­ci­a­tion.

More info on AFSC’s new lend­ing pro­grams can be found by vis­it­ing AFSC.ca, con­tact­ing a lend­ing spe­cial­ist at an AFSC branch of­fice, call­ing 1.877.899.2372 or email­ing [email protected]

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