COVID-19 support program
Summary of current program details
To ensure producers, agribusinesses and food processors can remain focused on business-critical functions rather than worrying about how to access funds to keep operating through this challenging period, effective immediately, FCC has put in place:
a deferral of principal and interest payments up to six months for existing loans; or
a deferral of principal payments up to 12 months
access to an additional credit line up to $500,000, secured by general security agreements or universal movable hypothec (Québec only)
If you’d like more information on these options or on how FCC can help improve your financial position, please contact your local office or the Customer Service Centre at 1-888-332-3301 for further details.
Please note: FCC is a lending organization. We do not provide grants or interest-free loans. Normal lending due diligence will be taken on all applications.
Q&A: FCC COVID-19 support program
What options are there for customers in financial difficulty right now?
We have a number of options available. In addition to our portfolio of lending products, we’re providing additional support options that may include:
- a deferral of principal and interest payments for six months OR a deferral of principal payments for up to 12 months;
- access to an additional credit line of up to $500,000
Is FCC providing grants or interest-free loans?
No. FCC is not providing funds in the form of grants or other interest-free loans.
Can you tell me more about the credit line option ?
- It is a 24-month credit line up to $500,000 at a rate of Prime +1% and no fees. The loan is secured by general security agreements or universal movable hypothec (Québec only).
- The purpose is to ensure producers, agribusinesses, and food processors have access to the cash flow they need to manage through this challenging time.
- It is not intended to pay out other debts
How does FCC decide who qualifies for loans?
Each situation is different, and we’ll assess each application on a case-by-case basis. Businesses applying for FCC lending products are subject to normal lending due diligence, which considers business viability, credit history, and management integrity and experience.
What about non-customers?
FCC customers and non-customers are eligible to apply for FCC lending products.