If you're a young Saskatchewan farmer, it's your time to shine. Farm Credit Canada (FCC) has announced it has approved $2.3 billion in financing to farmers under age 40, contributing to record disbursements of $7.7 billion to help customers expand or start their operations in 2012-13.
"Young people are beginning to see their place in the future of the industry and FCC is proud to support them on their journey to success," FCC President and CEO Greg Stewart comments.
Canadian agriculture will need 50,000 talented and energetic young people over the next five years to fill agriculture-related positions, according to projections from Agcareers.com, a leading supplier of human resource services to the agriculture and food industry.
"Opportunities for young people are growing and reflect the overall strength of the industry," Stewart adds. "FCC believes in the strength of agriculture and the agribusiness and agri-food industry."
FCC supports young farmers at various stages through its involvement with 4-H, management workshops through FCC Learning and lending products aimed at assisting young farmers with succession planning. FCC also provides regular economic outlooks to help producers better understand how global economic trends impact their industry.
"As the world's population continues to grow and developing countries become more affluent, there will be a growing demand for red meat, grains and oil seeds," J.P. Gervais, FCC's Chief Agricultural Economist points out. "Canadian producers and agriculture businesses are among the most sophisticated in the world and they stand to benefit."
Canada's agriculture and agri-food sector already employs more than two million people and accounts for about eight per cent of Canada's Gross Domestic Product, contributing more than $100 billion to the national economy every year.
"FCC's goal is to help our customers succeed and take advantage of the great opportunities agriculture has to offer," Stewart says. "It's what inspires us every day."
During the 2012-13 fiscal year, Canada's leading agriculture lender approved 47,000 loans, with an average value of $162,000. As a result, FCC's loan portfolio grew by almost $2 billion to $25.1 billion.
