Individual lending limit also increases from $15 million to $30 million
The agriculture industry in Alberta can now take advantage of an increase in borrowing limit for Agriculture Financial Services Corporation (AFSC).
Alberta Agriculture and Forestry representatives recently announced the increase in borrowing limit from $2.8 billion to $3.6 billion by 2024 for AFSC.
“That's going to be direct loans to farmers, ranchers, food production companies and food processors. It really will go a long way in helping to attract new investment into agriculture, specifically in Alberta,” said Devin Dreeshen, minister of Alberta Agriculture and Forestry.
Along with the $800 million increase in borrowing limit, the individual lending limit is increasing from $15 million to $30 million from AFSC, said the release.
There is also a change to approvals. A new quick loan process means loans up to $150,000 can be approved in less than a day and there is a reduction on loan approval turnaround overall so more loans can be approved in under a week, said the release.
“The hard work of farmers and ranchers is something that's very key to the economic recovery of the province,” Dreeshen told Farms.com. I want to “thank farmers, ranchers and ag producers across the province for all their hard work in last year, and if they're looking to expand and to grow their operations, now is a great time to invest and try to have more economic activity.”
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