Glengarry provides transitional loans to farmers facing financial difficulties
Glengarry Farm Finance, an alternative lender serving farmers with "temporary credit issues," has secured up to $60 million in financial backing from Farm Credit Canada (FCC).
The funding from the Crown corporation is designed to help Glengarry expand its ability to offer financing to farmers who are unable to secure loans through traditional banks.
Glengarry works with farmers facing short-term financial difficulties that make it hard to get loans from primary institutions. Acting as a "transitional lender," the company provides flexible financial solutions to help farmers stay afloat until they can qualify for standard bank loans again.
The $60 million commitment from FCC will enable Glengarry to increase its lending capacity to support farmers in Western Canada and Ontario.
“FCC is committed to supporting Canada’s agriculture and food industry and that includes responsibly expanding capital solutions in underserved areas,” said Darren Baccus, executive vice-president of investment at FCC Capital. “Glengarry serves a segment of the market that complements our current capital solutions. With the right support, qualified primary producers have the potential to continue to contribute to the resiliency, diversity and innovation of Canadian agriculture despite temporary financial disruptions in their operations.”
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Glengarry Farm CEO Greg Kalil explained that the partnership with FCC will allow the company to better meet the needs of farmers who are often at the mercy of unpredictable factors outside their control.
“We understand agriculture is an unpredictable business, and many determinants of success are well beyond a farmer’s control,” Kalil said in a press release. “This new partnership with FCC puts us in the unique position of being able to offer a more comprehensive set of financing solutions to give farmers the support they need to work their way back to bankability.”
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