Farm Improvement and Marketing Cooperatives Loans Act Program
The Farm Improvement and Marketing Cooperatives Loans Act (FIMCLA) program is designed to increase the availability of loans for improvement and development of farms and the processing, distribution or marketing of farm products by co-operative associations. Established in 1988, FIMCLA has helped more than 78,000 farming operations grow their businesses by guaranteeing loans through lending institutions. Though previously slated to conclude in 2006, the FIMCLA program remains in place as the Government of Canada examines how best to support Canadian farmers. AAFC conducted extensive consultations with industry during 2006. A national consultation report has been developed to summarize the overall feedback and comments received from all participants in all eight sessions held across Canada.FIMCLA applicants must be actively engaged in farming in Canada, and must match one of the following categories:
- An individual
- A partnership
- A corporation
- Co-operative associations
Further, the borrower must:
- Meet the definitions of 'Farmer' and 'Farming'.
- Be using the loan for an eligible purpose under the program.
- Own/lease farm land that is currently being farmed by the borrower, in Canada.
The application must be made to a lending institution authorized to make loans under the provision of FIMCLA. Authorized institutions are:
- Chartered banks
- Alberta Treasury branches
- Credit unions
- Caisses populaires
- Trust companies
- Loan companies
- Insurance companies
An interactive map showing participating FIMCLA lenders by province can be found here. For more information Contact your bank or lending institution, or call the FIMCLA toll-free help line at 1-888-346-2511.