February, 2001
FIMCLA forms
The FIMCLA forms including Schedule 1 through 4 are now available
on our internet site. They are available in an Adobe Acrobat format
(.pdf) which can be downloaded to your PC. Hard copy forms are still
available by contacting our Administration at 1-888-346-2511. To
access the forms click here
February, 2000
New Regulatory Changes
New regulations for the Farm Improvement and Marketing Cooperatives Loans Act (FIMCLA) designed to increase the availability of
loans for the purpose of the improvement and development of farms have been approved. They come into force on
May 31, 1999.
The major changes are as follows:
Registration Fee:
The registration fee paid by producers will be raised from 0.5% of the amount of every loan that is registered to 0.85%. Therefore,
all loans registered from May 31, 1999 will require the lender to send to the FIMCLA Administration, a Loan Registration form together
with the 0.85% fee.
New Interest Rate Structure
Fixed term rates will be changed from a formula based on the prime rate to a formula based on the lender's residential mortgage rates.
The maximum allowed for fixed term rates will be the lender's residential mortgage rate plus 1%.
New Eligible Purposes
The costs for obtaining security, crop storage condominiums, the registration and lender's fees will be eligible for a guaranteed loan
under FIMCLA.
Housekeeping Changes
Many housekeeping changes have been made to make the administration of the Program more effective and efficient such as:
Flexibility in registering loans after 60-days period, when the lender can demonstrate good cause.
Similar provision for construction loans that are not registered within 180 days.
Security requirements for FIMCLA loans will be set out in the regulations. This was not the case in the past.
July 20, 1999
FIMCLA's new lenders guidelines are now available.
May 31, 1999
The Farm Improvement and Marketing Cooperatives Loans and Fees Regulations
are in effect as of May 31, 1999.
If you have any questions, please do not hesitate to call our program officers.
