AFSC unveils new lending program

Lending program offers more assistance to spur on Alberta’s growing agricultural industry.

Minister Carlier discussion changes to AFSC lending limit with industry partners. Photo Submitted

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

Just Posted

Lacombe Amnesty International group writes letters for human rights

Group honours 70th anniversary of the UN Declaration of Human Rights

City of Lacombe adopts new asset management policy and strategy

Council voted to adopt the new Asset Management Policy and endorse the Asset Management Strategy

Lacombe endorses Asset Management Capacity Building Cohort program

Project will include periodic in-person workshops to be hosted on a rotational basis

Town Center removed from Lacombe Southeast Area Structure Plan

Developer of Lacombe Market Square requested ammendment to the plan

UPDATE: Lacombe Ringette Association to bring pro bull riding to city

Fundraiser during Lacombe Days to help support keeping fees low

WATCH: CP Holiday Train rolls into Lacombe

Kelly Prescott performed for hundreds of Central Albertans

Blackfalds approves land use bylaw amendments for cannabis

Town now accepting cannabis and cannabis related development applications

UK Prime Minister Theresa May wins party no-confidence vote, but troubles remain

May won the vote of 317 Conservative legislators with a 200-117 tally

Firm says trees obstructing vision at Humboldt Broncos crash intersection

Sixteen people died and 13 others were injured in the collision at an intersection north of Tisdale

Three victims of ex-ski coach Bertrand Charest suing Alpine Canada

The victims are also seeking $150,000 each in punitive damages

Trudeau names four new senators, filling every seat in the Senate

Trudeau has appointed 49 senators since becoming prime minister and will have the chance to appoint more in 2019

Judge gives Michael Cohen 3 years in prison

Judge William H. Pauley III said Cohen deserved a harsh punishment for crimes including tax evasion

Humboldt Broncos, cannabis, Fortnite: Here are Canadians’ top Google searches for 2018

When celebrities died or Canada Post went on strike, Canada turned to Google

Most Read