Farm Credit Canada (FCC) COVID-19 support program – Term loans for viable customers (2022)

Description:

This program provides term loans of up to $2.5M with no fees for businesses in Canadian agriculture and food. These funds can be used for working capital and to modify production due to the impacts of COVID-19.

Comments on Funding:

Funding will take the form of term loans up to $2.5M, with no fees and an 18-month interest-only option available over a 10-year amortization.

Eligibility:

  • Applicants must be businesses in Canadian agriculture and food.
    Businesses applying for FCC lending products are subject to normal lending due diligence, which considers business viability, credit history, and management integrity and experience.

Applications Steps:

Documentation Needed:

Applicants must submit their project proposals first to the Academic institution, and after approval on Mitacs’s online application system, RAP.

  1. generate a net worth statement,
  2. collect past three years of tax returns or accountant-prepared financial statements,
  3. gather recent pay stubs or written employer verification for off-farm income (if applicable),
  4. bring government-issued photo ID (drivers license, passport),
  5. collect shareholder agreements (if any),
  6. assemble copies of existing operating loan agreements (if applicable),
  7. build a business and marketing plan,
  8. prepare and maintain a cash flow budget.

Other Things to Note:

This program is still present on their home page, so I considered it ongoing, though it is not mentioned in the Financing tab. There are the same details as last year. Check with FCC if the program is still running.

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