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

WATCH: Robotics Mentor gives prestigious personal award to LCHS

Warren Kreway won the Woody Flowers Award for mentorship last May

Ponoka County fire crews handle second baler fire in 12 hours

Fire crews handled a baler fire just west of Gull Lake

WCPS uses cannabis legislation to fully review drug, alcohol and tobacco policies

Cannabis is not permitted in schools; WCPS focused on providing education and support

Puff, puff, pass: Cannabis is officially legal across Canada

Alberta readies itself for cannabis sales with 17 stores (for now) and a new provincial website

Lacombe Mayor Creasey says enforcement of cannabis bylaws dependant upon adherence

Recreational cannabis becomes legal this week in Canada

WATCH: Ground-breaking ceromony held for Charis Village Seniors Housing project

$22 million development will include 10 duplexes and 46-unit complex

Trio of Saint Bernard find their ‘forever home’ after story goes viral

Edmonton Humane Society had put out the call to adopt Gasket, Gunther and Goliath

Nova Scotia works to stop underage online cannabis sales

The government cannabis retailer moves to prevent workaround of online-age verification

Carr, Morneau off to China next month to deepen commerce

Carr says Canada and China aren’t embarking on formal free trade talks

Edmonton girl guide sells out of cookies in front of cannabis store

On the first day cannabis was legal a young entrepreneur capitalized on cookie sales

Tougher laws introduced against bestiality, animal fighting

The Liberal government is proposing to strengthen the laws today

Money Monitor: Should you switch to a fixed-rate mortgage?

BMO’s Omar Abouzaher outlines the pros and cons of both types of mortgages

UPDATE: Red Deer RCMP don’t believe Coronation Park death is suspicious

Male is being transported to Calgary for autopsy

Black market will thrive until small pot growers and sellers included: advocates

Advocates say the black market will continue to thrive until small retail shops and craft growers are included in the regime.

Most Read