By rdnewsNOW staff

AFSC expands lending program

Oct 10, 2018 | 4:12 PM

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 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.

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The changes to AFSC’s lending programs are effective immediately.

“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, AFSC board chair.

More information on AFSC’s new lending programs can be found by visiting AFSC.ca.

(From Government of Alberta media release)