Reading Time: < 1 minute The provincial government is giving feeder association members more options to purchase and market livestock and to generate better cash flow for their operations. It is amending the Feeder Associations Guarantee Regulation. The changes raise individual and joint membership loan limits, excluding advances, to $3 million from $2 million. Cattle prices have increased 25 per […] Read more
Loan limits get beefed up
Cash advance window for farmers now open
Reading Time: < 1 minute Farmers can now apply for cash advances for the 2023 growing season. Producers can get up to $1 million with the first $250,000 interest-free. The latter is worth more this year because interest rates are so much higher, note administrators of the Advance Payments Program. “With rising interest rates, the savings a farmer can realize […] Read more
Many farmers – but not all – are cashing in on interest-free loans
With the first $250,000 interest-free, producers can save big with a cash advance
Reading Time: 4 minutes There may not be such a thing as free cash, but an interest-free loan of up to a quarter-million dollars may be the closest thing to it. Administrators of the federal Advance Payments Program say they’ve seen a big jump in applications since the interest-free portion of the loan was increased to $250,000 (from $100,000 […] Read more
Saskatchewan’s livestock vet loan plan expanded to bigger centres
Urban vet clinics' work with rural producers noted
Saskatchewan’s program to forgive provincial student loans for veterinarians and vet techs serving livestock producers at rural clinics will now also cover those doing the same work out of bigger communities. The province’s Loan Forgiveness for Veterinarians and Veterinary Technologists program was first announced in April last year, offering forgiveness of 20 per cent of […] Read more
Ag lender willing to ‘find solutions’ for farmers
Reading Time: < 1 minute Farm Credit Canada (FCC) is offering a customer support program to farmers and ranchers hit by adverse growing conditions. “We are watching the weather situation very closely and are talking to customers daily,” said Michael Hoffort, FCC president and CEO. If clients suffer cash flow problems. ”We’re ready to support them and find solutions,” he […] Read more
More farmers expected to benefit from new CEBA eligibility expansion
Businesses operating via personal accounts to now be eligible
The latest tweak to the Canada Emergency Business Account (CEBA) pandemic aid program is expected to allow farmers who run their business via personal bank accounts to seek CEBA loans. Federal Finance Minister Chrystia Freeland announced Monday that “as early as” Oct. 26, CEBA will be available to businesses which until now have been operating […] Read more
CEBA expanded to farms, other ‘owner-operated’ businesses
Program offers zero-interest, partly-forgivable loans
Farms and other “owner-operated” businesses with little or no payroll may soon be able to get in on a federal program offering zero-interest loans to businesses up against pandemic-related drops in revenue. Prime Minister Justin Trudeau on Tuesday announced an expansion of eligibility under the Canada Emergency Business Account (CEBA) to also include “sole proprietors […] Read more
Quebec ag lender offers break on loan payments
Crop insurance enrolment deadline also postponed
Quebec’s provincial farm lending agency is set to offer a six-month moratorium on loan repayments to any customers who ask for one, against what it describes as a “crisis” for the ag sector. La Financiere agricole du Quebec (FADQ) said Saturday the six-month stay would help lighten the obligations for farm businesses, providing them liquidity […] Read more
Cash advance repayment deadlines extended
FCC gets added capital to boost lending capacity
Canadian farmers who have repayment deadlines coming up on their cash advances between now and the end of April will get extra time to repay those loans. The federal government on Monday announced a stay of default on loans coming due on or before April 30 under the Advance Payments Program (APP), among other measures […] Read more
How a major U.S. farm lender left a trail of defaults, lawsuits
Harrod, Ohio | Reuters — After completing a credit review in a half-hour phone call, a BMO Harris Bank underwriter cleared US$12 million in loans for Ohio corn and soybean producer Greg Kruger in 2013. Kruger had initially asked for a $2 million loan to build a grain elevator. But the Chicago-based bank, one of […] Read more
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