Agriculture announcement

[bucket]

Anyone have details....I only heard a 5 billion injection to FCC????

[AlbertaFarmer5]

Looks like more loans, and extensions to loans:

https://www.newswire.ca/news-releases/prime-minister-announces-support-for-farmers-and-agri-food-businesses-under-canada-s-response-to-covid-19-814937940.html https://www.newswire.ca/news-releases/prime-minister-announces-support-for-farmers-and-agri-food-businesses-under-canada-s-response-to-covid-19-814937940.html

[dalek]

Anyone have details....I only heard a 5 billion injection to FCC????

$5 billion more lending power to FCC. Advanced Payments Program loans due before April 30 that haven’t been paid yet extended 6 months and you can borrow more for 2020 on top of the unpaid as long as you don’t go over the $1 million cap. It’s all blue skies and clear sailing from here boys

[GDR]

Anyone have details....I only heard a 5 billion injection to FCC????

FCC lending capacity increase, 6 month deferral of 2020 cash advance repayment. Basically a whole lot of nothing, but sounds good to the public.

[AlbertaFarmer5]

Am I the exception, I've never dealt with FCC, or AFSC, does every other farmer have all of their debt with FCC?
All of these programs seem to only associate with FCC, so I am wondering how many farmers does that actually help? Or are we all expected to transfer our loans to FCC if we want to participate?

Personally, my local credit union has had much better terms, interest rates, and requires far less hoops and loops than the government type lenders did.

[GDR]

Am I the exception, I've never dealt with FCC, or AFSC, does every other farmer have all of their debt with FCC?
All of these programs seem to only associate with FCC, so I am wondering how many farmers does that actually help? Or are we all expected to transfer our loans to FCC if we want to participate?

Personally, my local credit union has had much better terms, interest rates, and requires far less hoops and loops than the government type lenders did.

I work with afsc and local credit union. Afsc has been fantastic, maybe because of the local land people. I've tried to talk to FCC a couple times, both times they said dont bother coming to talk you probably got better terms elsewhere???? Lazy bastards!

AF5 On the credit union side, with uncertain times ahead do you worry that they can only offer demand loans? I know they shouldnt call them if you are paying your Bill's but it may become out of their control. Always been on the back of my mind.

[AlbertaFarmer5]

I work with afsc and local credit union. Afsc has been fantastic, maybe because of the local land people. I've tried to talk to FCC a couple times, both times they said dont bother coming to talk you probably got better terms elsewhere???? Lazy bastards!

AF5 On the credit union side, with uncertain times ahead do you worry that they can only offer demand loans? I know they shouldnt call them if you are paying your Bill's but it may become out of their control. Always been on the back of my mind.

A neighbor singlehandedly nearly blew up the local credit union in the 80's. It does concern me that I could be the best client they have, that it would also make me the best source of assets to bail out the remainder. The old adage about can't get blood from a stone would apply. Probably should spread the risk around more.

[GOODRUM]

Am I the exception, I've never dealt with FCC, or AFSC, does every other farmer have all of their debt with FCC?
All of these programs seem to only associate with FCC, so I am wondering how many farmers does that actually help? Or are we all expected to transfer our loans to FCC if we want to participate?

Personally, my local credit union has had much better terms, interest rates, and requires far less hoops and loops than the government type lenders did.

Not going to help me at all, bids on my crop left out over winter no longer exist , I was hoping to at least generate some input money with that.

[jazz]

Am I the exception, I've never dealt with FCC, or AFSC, does every other farmer have all of their debt with FCC?
All of these programs seem to only associate with FCC, so I am wondering how many farmers does that actually help? Or are we all expected to transfer our loans to FCC if we want to participate?

Personally, my local credit union has had much better terms, interest rates, and requires far less hoops and loops than the government type lenders did.

I started with FCC way back in the day but could never get good terms on the loans until I went with Scotia. Interest rates are half what FCC is. Unless they are offering some very good terms I doubt I would get more lending with them, but Advance loans have very low interest rates and could be worth looking at.

[woodland]

5 billion sounds like big money for the press release but it’s not really changing anything.

I’ll stick with what I’m doing and not count or rely on the government to bail or backstop us. Only dealt with FCC once and have no intention of going back again.

AFSC on the other hand is awesome for lending though.