Farm Credit Corporation
Farm Credit Corporation (FCC) is Canada's largest agricultural term lender and is dedicated exclusively to serving the financial needs of Canadian farmers. Established in 1959 under the Farm Credit Act, the federal Crown agency succeeded the Canadian Farm Loan Board, in operation since 1929. FCC's purpose is to enhance rural Canada by providing specialized and personalized financial services to farming operations, including family farms, and to those businesses in rural Canada, including small and medium-sized businesses related to farming. FCC is a Crown corporation that reports to Parliament through the Minister of Agriculture. The corporation's board consists of up to 12 members, appointments approved by the governor-in-council.
FCC received a new and expanded mandate with the passage of the Farm Credit Corporation Act on April 2, 1993. In addition to traditional lending, FCC can finance on-farm diversification projects and value-added agricultural operations beyond the farm gate. FCC is also in a position to deliver joint programs and services with federal agencies, provincial governments and other lenders. The corporation may borrow from the Consolidated Revenue Fund or raise funds in private money markets.
FCC's product portfolio includes a variety of intermediate and long-term loans, with amortization periods as long as 29 years. The corporation has a loan portfolio of some 55 000 accounts, valued at $3.3 billion. More than 760 employees serve clients from six regional offices and 101 field and district offices across Canada. The corporation's head office is located in Regina, Saskatchewan.