Canadian agriculture producers and agribusiness operators who are considering the use of renewable energy sources in their business will soon have a new financing option thanks to a new Energy Loan announced by Agriculture Minister Gerry Ritz.
The Farm Credit Canada (FCC) Energy Loan is designed to assist producers and agribusiness owners who want to make the move towards producing their own renewable energy. The loan announcement came as part of Minister Ritz’s presentation to the Canadian Federation of Agriculture (CFA) Annual General Meeting held today in Ottawa.
“There are sources of energy all around Canadian farmyards and we’re helping producers invest in the technologies needed to tap those opportunities,” said Minister Ritz. “This initiative is good for the environment and it’s good for the bottom line on farms across Canada.”
“We’re definitely seeing an increase in the number of people across the country that are interested in renewable energy sources to reduce costs and demand on the energy grid,” says Greg Stewart, FCC President and Chief Executive Officer. “The Energy Loan ensures FCC is taking an active role on the renewable energy front and shows our commitment to improving rural Canada.”
A recent FCC Vision survey showed that 60 per cent of individuals surveyed are considering new ways to find financial value by reducing their environmental impact. The survey, completed in November 2009 by 1,172 producers and agribusinesses across the country, revealed that 37 per cent of those people looking at reducing their impact are considering the use of renewable energy sources in their operation.
Available on March 1, the Energy Loan will help producers and agribusiness operators purchase and install on-farm energy sources like biogas, geo-thermal, wind or solar power. The Energy Loan offers an interest term of up to five years at variable or fixed rates and with monthly, quarterly, semi-annual and annual payments available.
More information on our Vision survey is available online.
As Canada’s leading provider of business and financial services to farms and agribusiness, FCC advances the business of agriculture. Operating out of about 100 offices located primarily in rural Canada, FCC employees are passionate about the business of agriculture. A healthy portfolio of more than $18 billion and 16 consecutive years of portfolio growth reflect our customers’ success. FCC reports to Canada’s parliament through the Minister of Agriculture and Agri-Food. For more information, visit www.fcc.ca.
In addition to this loan’s support for Canadian farmers, Canada’s Economic Action Plan continues to support agriculture as a core economic driver in this country. The Government of Canada is focused on strengthening the economy, while preparing to pay down the deficit and to create and protect the jobs of the future. Investments in viable, innovative technologies will help strengthen agriculture industry and the Canadian economy. For more information on Canada’s Economic Action Plan, visit www.actionplan.gc.ca.
