Farm Improvement and Marketing Cooperatives Loans Act (FIMCLA)

The Financial Guarantee Programs Division (FGPD) provides more information on this program.

Summary

FIMCLA is a federal government guaranteed loans program designed to increase the availability of loans for the purpose of the improvement and development of farms and the processing, distribution or marketing of farm products by cooperative associations. The program facilitates the availability of credit to both farmers and their cooperative associations to improve farm assets, strengthen production and/or improve financial viability.

Program Description

Looking to finance a new tractor, improve your existing barn or buy additional land? FIMCLA can help you with your improvement projects. Established in 1988, FIMCLA has helped more than 130,000 farmers and their marketing cooperatives grow their businesses by guaranteeing loans through lending institutions. Borrowers benefit from advantageous interest rates, lower equity requirements and flexible repayment terms. Individual farmers, farm partnerships and farm corporations can apply for up to $250,000 under FIMCLA while up to $3 million is available for cooperative associations.

The Program...

• encourages investment in new machinery, livestock, buildings and technology and facilitates investment in alternate farming initiatives;
• provides access to intermediate credit through lending institutions such as Chartered Banks, Alberta Treasury Branches, Credit Unions, Caisses Populaires, Trust Companies, Loan Companies and Insurance Companies;
• helps farmers and their cooperatives with their financing needs through guaranteed loans resulting in market expansion, farm innovation, value added-processing and environmentally sustainable farming;
• offers loans for the consolidation or refinancing of depts incurred for eligible loan purposes.

Information

For more information, contact the FIMCLA administration office at 1-888-346-2511. You may also visit the Internet site at: http://www.agr.ca/misb/nmp/fimcla/

Provinces Eligible:

All provinces are eligible.

Who is eligible?

Applicants must be individuals, partnerships, corporations or cooperative associations actively engaged in farming in Canada with the intent of making a profit at the time the loan is requested. To be actively engaged in farming, the applicant must either own or have a leasehold interest in the farm land where the farming activity is currently being performed. Loans may only be made for purposes defined under the Act.

How to obtain services?

Primary contact*:

Program Manager, FIMCLA
Financial Guarantee Programs Division
Agriculture and Agri-Food Canada
Tower 7, 7th floor - 1341 Baseline Road
Ottawa, ON
K1A 0C5
Telephone: 1-888-346-2511 (Toll-free)
Fax: (613) 759-6315
Email: fimcla@agr.gc.ca
www: http://www.agr.ca/misb/nmp/fimcla/

* THIS CONTACT SERVES ALL REGIONS.