Farm loan employees at the U.S. Department of Agriculture's Farm Service Agency will now need approval from billionaire Elon Musk's Department of Government Efficiency to issue loans over $500,000, according to a memo seen by Reuters on Wednesday.
Tag Archives lending
US farm agency to require DOGE approval for some loans
The USDA offers loans to farmers who struggle to get credit from traditional lenders
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.
FCC offers new credit line against ‘current economic environment’
Ag lender to waive loan processing fees
Farm Credit Canada’s recent outreach to specific agrifood sectors hit by unusual environmental conditions has now extended to those hit by the broader “economic environment.” The federal ag lender on Tuesday said it will offer an unsecured credit line of up to $500,000 with loan processing fees waived, “to help producers, agribusinesses and agri-food operations […] Read more
Rabobank to offer Canadian farm-level lending
Dutch co-operative bank's Canadian arm to loan directly to farmers, starting on Prairies
Updated — A global financing firm operating at higher altitudes in Canada’s food and agrifood sector now plans to expand its business down to the farm and ranch level. The Canadian arm of Rabobank — an Amsterdam-based farmer co-operative lender, providing banking, leasing and real estate services in more than 38 countries — announced Tuesday […] Read more
Alberta ag lender drops rural business loans
AFSC not taking new applications for program
A program offering term loans to small- and medium-sized businesses in rural Alberta is off the provincial ag lending agency’s menu. Alberta’s Agriculture Financial Services Corp. (AFSC) announced Thursday it had discontinued its Rural Business Loan Program effective immediately, so as to “concentrate its efforts on agricultural producers and agribusinesses.” The decision means no new […] Read more
How Farm Credit Canada became a major player in venture capital
The farm lender’s mandate now includes funding agri-food innovation
Glacier FarmMedia – In 2017 the Barton report said Canada has a massive opportunity to boost exports of agricultural commodities, agri-food and seafood. The most memorable part of the report, from the Minister of Finance’s Advisory Council on Economic Growth, set a target of adding $30 billion to Canada’s agriculture and agri-food exports by 2027. […] Read more
Manitoba to consolidate and shut agriculture, MASC offices
Province announces 'new rural service delivery model'
Updated, Jan. 7 — Manitoba’s agriculture and resource development department and crop insurance and ag lending agency will close their offices in 21 communities and consolidate others this spring, in a bid to reduce their “physical footprint.” Agriculture Minister Blaine Pedersen on Wednesday announced what the province billed as “a new rural service delivery model […] Read more
BMO regroups ag banking business
Ag-focused national banking team put in place
With COVID-19 serving to “accelerate” changes in the industry, BMO Bank of Montreal says it has reset its farm banking work under the oversight of an expanded national agriculture and agribusiness banking team. BMO announced the new team approach Oct. 14, describing it as “a national team of agriculture banking specialists — team members with […] Read more
Low interest rates present producers with opportunities
Central banks have indicated that they expect to keep rates low for a while
Glacier FarmMedia – It’s a nice time to be carrying debt — if your business is flourishing. Not only are interest rates low, but lenders are looking for borrowers who can pay their bills. That puts farmers in the driver’s seat. Why it matters: Reworking debt when interest rates are low can reduce borrowing costs […] Read more
Cyber-Savvy Farmer
