{"id":7567,"date":"2024-11-09T02:23:09","date_gmt":"2024-11-09T02:23:09","guid":{"rendered":"https:\/\/finderica.com\/glengarry-and-fcc-partnership-brings-60-million-cash-injection-for-farmers\/"},"modified":"2024-11-09T02:23:09","modified_gmt":"2024-11-09T02:23:09","slug":"glengarry-and-fcc-partnership-brings-60-million-cash-injection-for-farmers","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=7567","title":{"rendered":"Glengarry and FCC partnership brings $60 million cash injection for farmers"},"content":{"rendered":"
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Farming isn\u2019t just a job\u2014it\u2019s a livelihood and a cornerstone of Canada\u2019s food supply.<\/p>\n

Recognizing the unique challenges farmers face, Farm Credit Canada (FCC) has committed $60 million to Glengarry Farm Finance Corporation, aimed at providing farmers with the financial flexibility needed to weather temporary setbacks and keep their operations flourishing.<\/p>\n

Glengarry Farm Finance Corporation, a specialized agricultural lender, provides flexible financing solutions to farmers across Western Canada and Ontario who may not qualify for traditional bank loans. The partnership with FCC\u2014a Crown corporation and Canada\u2019s leading agricultural lender\u2014aims to bridge the gap for transitional farmers by offering them improved access to capital.<\/p>\n

Tara Sterken, head of marketing and business development at Glengarry, told Canadian Mortgage Trends<\/em> that the cash infusion involves $40 million upfront, with another $20 million available and potentially more down the road.<\/p>\n

This new funding will enable Glengarry to take on larger deals and offer improved pricing options better suited to farmers\u2019 needs, including a more competitive \u201cpremium\u201d alternative.<\/p>\n

\u201cWhat they\u2019ve really done for us is they\u2019ve given us effectively cheaper capital,\u201d Sterken explained. \u201cThat takes us from that kind of true private lending space into a more alternative where we really are closer to that prime lending bucket.\u201d<\/p>\n

As a result, Glengarry can now offer rates roughly one to one-and-a-half percentage points lower than before, helping to close the gap between prime lending rates and private commercial lending, which typically hovers at around a 4.5 percentage-point spread.<\/p>\n

For farmers, this funding provides the option to commit to slightly longer terms without facing prohibitive costs.<\/p>\n

\u201cNow it\u2019s a little bit kinder, a little bit cheaper, and it gives them a bit of breathing room,\u201d Sterken said.<\/p>\n

Additionally, Sterken said they were limited to deals in the $5 to $7 million range, whereas this funding allows Glengarry to entertain even larger deals.<\/p>\n

The importance of supporting Canada\u2019s farming community<\/h2>\n

For Glengarry, this partnership isn\u2019t just about lending, but about reinforcing the essential role farmers play in Canada.<\/p>\n

\u201cIt\u2019s about supporting the fifth- and sixth-generation farmers producing the food that feeds our families,\u201d Sterken said. \u201cI\u2019m constantly reminded of how lucky we are in Canada to have such incredible agricultural diversity, and it\u2019s a privilege to help keep that going.\u201d<\/p>\n

Visited 107 times, 107 visit(s) today<\/p>\n

Farm Credit Canada farm financing Glengarry Farm Finance Tara Sterken<\/p>\n

Last modified: November 8, 2024<\/p>\n<\/p><\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Farming isn\u2019t just a job\u2014it\u2019s a livelihood and a cornerstone of Canada\u2019s food supply. Recognizing the unique challenges farmers face, Farm Credit Canada (FCC) has committed $60 million to Glengarry Farm Finance Corporation, aimed at providing farmers with the financial flexibility needed to weather temporary setbacks and keep their operations flourishing. Glengarry Farm Finance Corporation,<\/p>\n","protected":false},"author":1,"featured_media":7568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[216],"tags":[2271,356,2273,2270,2269,2272,156,1182],"class_list":{"0":"post-7567","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mortgage","8":"tag-brings","9":"tag-cash","10":"tag-farmers","11":"tag-fcc","12":"tag-glengarry","13":"tag-injection","14":"tag-million","15":"tag-partnership"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/7567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7567"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/7567\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/7568"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}