Agriculture Financial Services Corporation (AFSC) is expanding its lending program to offer more assistance to spur on Alberta’s growing agricultural industry.
“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, said.
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.
“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 of AFSC, said.
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.
Bill Smith, senior vice-president & chairman of the board at BioNeutra, said the program opened a wide arrange of opporunties for the company.
“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,” Smith said
This investment is an important step towards diversifying Alberta’s economy and creating new job opportunities throughout the province.
“I am a very strong supporter of AFSC and believe that the new program offers even better opportunities than the previous program,” Jerry Bigam, CEO and president at Kinnikinnick Foods & board member atAlberta Food Processors Association, said. “Without AFSC support we would never have become one of the largest food processors in Alberta.”
The changes to AFSC’s lending programs are effective immediately.
-Submitted by the Government of Alberta