A program offering term loans to small- and medium-sized businesses in rural Alberta is off the provincial ag lending agency’s menu.
Alberta’s Agriculture Financial Services Corp. (AFSC) announced Thursday it had discontinued its Rural Business Loan Program effective immediately, so as to “concentrate its efforts on agricultural producers and agribusinesses.”
The decision means no new loan applications will be accepted under the program and anyone seeking a rural business loan would be referred to “other financial institutions within Alberta.”
Active applications received before April 1 will be considered and approved if they meet borrowing requirements and conditions, AFSC said.
Clients with existing Rural Business Loans, meanwhile, can still deal with their AFSC lending relationship manager on renewal and amendment options, the agency added.
The program, one of several AFSC launched in October 2018 in an expansion of its offerings, was meant to support investment within the province by “providing access to financing to enhance and contribute to Alberta’s economy.”
The Rural Business Loan Program was geared toward providing new or existing small- and medium-sized commercial and manufacturing businesses in rural communities with an “alternative” source of fixed-rate term loans, with customized terms and “competitive” rates. — Glacier FarmMedia Network