Farm Credit Canada funds alternative lending company

Farm Credit Canada (FCC) pledged up to $60 million to Glengarry Farm Finance Corporation to provide financial backing to farmers with credit issues, the firms announced yesterday.

“With the right support, qualified primary producers have the potential to continue to contribute to the resiliency, diversity and innovation of Canadian agriculture despite temporary financial disruptions in their operations,” said FCC Capital executive vice-president of investment in a news release.

Glengarry Farm Finance primarily works with farmers who can’t get loans from ordinary lenders due to temporary credit issues. It works with farmers in Ontario and Western Canada.

FCC promised up to $60 million to increase Glengarry’s lending capacity.

“This new partnership with FCC puts us in the unique position of being able to offer a more comprehensive set of financing solutions to give farmers the support they need to work their way back to bankability,” said Glengarry CEO Greg Kalil.