Farm Credit Canada | The Canadian Encyclopedia


Farm Credit Canada

Farm Credit Canada (FCC), known as the Farm Credit Corporation until 2001, was established under the Farm Credit Act of 1959. FCC is Canada's largest agricultural term lender and is dedicated  to serving the financial needs of Canadian farmers. FCC is a Crown corporation that reports to the Canadian Parliament through the Minister of Agriculture and Agri-Food. (See also Department of Agriculture.)

Farm Credit Canada

Farm Credit Canada (originally known as the Farm Credit Corporation until 2001) was established as a Crown corporation in 1959  under the Farm Credit Act. Under the Act, FCC  succeeded the Canadian Farm Loan Board, an agency that had been in operation since 1929. FCC was founded to enhance rural Canada by providing specialized and personalized financial services to farming operations, including family farms and  small and medium-sized farming businesses in rural Canada. (See also Agriculture in Canada.)

FCC received a new and expanded mandate with the passage of the Farm Credit Corporation Act on 2 April  1993. In addition to traditional lending, the Act enabled the FCC to finance on-farm diversification projects and value-added agricultural operations for large-scale  farms. The Act also allowed the FCC  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. The FCC’s mandate expanded again in 2001 following the Farm Credit Canada Act, which allowed the FCC to offer services to producers and agribusiness and agri-food operators.

FCC's product portfolio includes a variety of intermediate and long-term loans, with amortization periods as long as 29 years. As of 2021, the corporation has a loan portfolio of more than $41 billion. FCC’s 2,100 employees serve approximately 100,000 customers from  101  offices across Canada. The corporation's board consists of up to 12 members, with appointments approved by the governor-in-council. The FCC's head office is located in Regina, Saskatchewan and the corporation’s government relations office is based in Ottawa, Ontario.

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