Farm Credit Canada (FCC, ; known as Farm Credit Corporation until 2001) is a

Canadian Canadians () are people identified with the country of Canada. This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these connections exist and are collectively the source of their being ''C ...

Crown corporation and agricultural term lender. This organization's purpose is to enhance rural Canada by providing specialized and personalized financial services to farming operations, including family farms. Although once exclusively a farm lender, FCC is now also organized to provide funding to enterprises that are closely related or dependent on farming. Its small and medium business focus is shown by its average loan disbursement of $163,649 ().

History and governance

FCC was established on November 12 1936, under the ''Farm Credit Act'', at that time solely to provide loans to farmers. It succeeded the Canadian Farm Loan Board, which had been in operation since 1929. On April 2, 1993, Parliament passed the ''Farm Credit Corporation Act'' which then allowed the organization to expand beyond straightforward farm loans – to finance on-farm diversification projects and value-added agricultural operations beyond the "farm gate". In June 2001, the Farm Credit Canada Act changed FCC's name to Farm Credit Canada or Financement agricole Canada (FAC) in French. In October 2008, Farm Credit Canada was named one of Canada's Top 100 Employers by Mediacorp Canada Inc, and was featured in '' Maclean's newsmagazine''. Later that month, Farm Credit Canada was named one of Saskatchewan's Top Employers, which was announced by the Saskatoon '' StarPhoenix'' and '' Regina Leader-Post'' newspapers. In December 2008, Farm Credit Canada was named one of '' Report on Business Magazines Top 50 Employers in Canada featured in ''

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'' newspaper.

Structure and functions

FCC is one of Canada's many Crown corporations; they report to the

Parliament of Canada The Parliament of Canada () is the Canadian federalism, federal legislature of Canada. The Monarchy of Canada, Crown, along with two chambers: the Senate of Canada, Senate and the House of Commons of Canada, House of Commons, form the Bicameral ...

through the Minister of Agriculture and Agri-Food. The corporation's board consists of up to 12 members, all appointed choices that require the approval of the governor-in-council. This control board regularly meets in the corporation's head office, which is located in

Regina, Saskatchewan Regina ( ) is the capital city of the Provinces and territories of Canada, Canadian province of Saskatchewan. The city is the second-largest in the province, and is a commercial centre for southern Saskatchewan. As of the 2021 Canadian census, ...

. FCC has over 2200 employees, and six regional offices and more than 100 field and district offices across the country, primarily in rural Canada (as of March 2014). FCC can fund and deliver joint programs and services with federal agencies, provincial governments and other term lenders. FCC’s operations are funded primarily through FCC Bond offerings, structured notes, institutional short-term notes, long-term programs and institutional debt. It raises money on the domestic and international markets. The product portfolio for FCC includes a variety of intermediate and long-term loans, with amortization periods as long as 29 years. As of March 2014, the corporation had a loan portfolio of 149,130 loans, with a total value of $26,205 million. As per the FCC annual report 2019-20, the total value of the corporation's loan portfolio is $38.6 billion.https://www.fcc-fac.ca/fcc/about-fcc/reports/ar-ra-2019-20-e.pdf

References

External links

FCC Home Page (bilingual)
{{authority control Financial services companies established in 1959 Agriculture and Agri-Food Canada Canadian federal Crown corporations Agriculture in Canada Organizations based in Regina, Saskatchewan Agricultural finance Federal departments and agencies of Canada