It’s been a tough year for Alberta farmers, but at connectFirst Credit Union, we’re here to help.
In response, connectFirst has created a streamlined program that puts the needs of producers first, says company brand manager Vice President of Ag Banking, Joanne Prysunka.
The program includes full payment deferrals, interest-only payments and working capital loans with flexible repayment terms.
“What’s unique about our program is the flexibility of support coming from our regulator,” Prysunka explains. “They are allowing up to a full year of payment deferrals for loans of those in need of support, and a quick qualification of working capital for those experiencing cash flow issues.”
“Our agriculture team not only specializes in ag — the majority of them live it too.”
Joanne Prysunka, VP of Ag Banking, connectFirst Credit Union
Launched September 23, connectFirst’s program is available until April 30, 2022, in order to give producers enough time to identify the level of support they need.
“Each producer has unique needs, depending upon their operation and the area in which they’re located,” Prysunka says. “While we’ve seen the most extensive impact in areas south of the Trans-Canada, there are no restrictions to a certain area or type of operation.”
Farm team members
connectFirst has a first-hand understanding of the importance of farmers to Alberta, and of the challenges they face.
“Our agriculture team not only specializes in ag — the majority of them live it too,” Prysunka says. “Our agriculture producers and agribusinesses are real people with families that depend upon the success of their operation. No one understands this like our team.”
Creating a special program for its producers was advocated and fully supported by connectFirst’s board of directors and employees, Prysunka says.
“Our members are owners, and their voices are represented by our board, who not only are members, but producers themselves.”
Non-members eligible
connectFirst aims to proactively approach all its agricultural members, and estimates approximately 400 of its more than 1,000 members will exercise some or all of the new program’s options.
While connectFirst is primarily focused on its existing farmer members, the credit union is also inviting other producers in need.
“We recognize customers of other financial institutions may not feel supported, and we welcome conversations with them to identify ways in which we can structure their financing to get through this difficult time,” Prysunka says.
To learn more, visit https://www.connectfirstcu.com/en/contact or call 1-866-923-4778
