Farm Credit Canada
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- For other uses of FCC, see FCC
Farm Credit Canada (known as Farm Credit Corporation until 2001) or FCC is Canada's largest agricultural term lender and is dedicated exclusively to serving the financial needs of Canadian farmers.
FCC was established in 1959, under the Farm Credit Act. It succeeded the Canadian Farm Loan Board, which had been in operation since 1929. This organization's purpose is to enhance rural Canada by providing specialized and personalized financial services to farming operations, including family farms. It is also organized to provide funding to small or medium-sized business that are closely related or dependent on farming.
The FCC is one of Canada's many Crown Corporations; they report to the Parliament of Canada through the Minister of Agriculture. The corporation's board consists of up to 12 members, all appointed choices that succomb to the approval of the governor-in-council. This control board regularly meets in the corporation's head office, which is located in Regina, Saskatchewan. There are currently 760 employees that serve clients from six regional offices and 101 field and district offices across the country.
On April 2nd, 1993, the government passed the Farm Credit Corporation Act which then allowed the organization to finance on-farm diversification projects and value-added agricultural operations beyond the "farm gate".
FCC is now in a position that they can fund and deliver joint programs and services with federal agencies, provincial governments and other term lenders. The corporation may borrow from the Consolidated Revenue Fund, or even raise funds in private money markets.
The product portfolio for the FCC includes a variety of intermediate and long-term loans, with ammortization periods as long as 29 years. The corporation has a loan portfolio of some 55,000 accounts, with an estimated value of around $3.3 billion.
In June 2001, the Farm Credit Canada Act was passed by Parliament. As a result, FCC's name was officially changed to Farm Credit Canada or Financement agricole Canada (FAC) in French.
External link
- FCC Home Page (bilingual) (http://www.fcc-fac.ca)