Company type | Crown Corporation |
---|---|
Industry | Financial services |
Predecessor | Canadian Farm Loan Board |
Founded | 1959 |
Headquarters | , |
Number of employees | 2,200 (2023) |
Website | www |
Farm Credit Canada (FCC, French : Financement agricole Canada; known as Farm Credit Corporation until 2001) is a Canadian 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 (As of March 2014 [update] ).
FCC was established in 1959, 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. [1]
In December 2008, Farm Credit Canada was named one of Report on Business Magazine's Top 50 Employers in Canada featured in The Globe and Mail newspaper. [2]
FCC is one of Canada's many Crown corporations; they report to the Parliament of Canada 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. 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. [3] As per the FCC annual report 2019-20, the total value of the corporation's loan portfolio is $38.6 billion. [4]
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C. in the United States.
Crédit Agricole Group, sometimes called La banque verte, is a French international banking group and the world's largest cooperative financial institution. It is the second largest bank in France, after BNP Paribas, as well as the third largest in Europe and tenth largest in the world. It consists of a network of Crédit Agricole local banks, 39 Agricole regional banks and a central institute, the Crédit Agricole S.A.. It is listed through Crédit Agricole S.A., as an intermediate holding company, on Euronext Paris' first market and is part of the CAC 40 stock market index. Local banks of the group owned the regional banks, in turn the regional banks majority owned the S.A. via a holding company, in turn the S.A. owned part of the subsidiaries of the group, such as LCL, the Italian network and the CIB unit. It is considered to be a systemically important bank by the Financial Stability Board.
The Business Development Bank of Canada is a Crown corporation and national development bank wholly owned by the Government of Canada, mandated to help create and develop Canadian businesses through financing, growth and transition capital, venture capital and advisory services, with a focus on small and medium-sized enterprises.
The Farm Service Agency (FSA) is the United States Department of Agriculture agency that was formed by merging the farm loan portfolio and staff of the Farmers Home Administration (FmHA) and the Agricultural Stabilization and Conservation Service (ASCS). The Farm Service Agency implements agricultural policy, administers credit and loan programs, and manages conservation, commodity, disaster, and farm marketing programs through a national network of offices. The Administrator of FSA reports to the Under Secretary of Agriculture for Farm Production and Conservation. The current administrator is Zach Ducheneaux. The FSA of each state is led by a politically appointed State Executive Director (SED).
Saskatchewan Government Insurance (SGI) is a Canadian insurance company and a Crown corporation wholly owned by the Government of Saskatchewan. SGI's operations consist of the Saskatchewan Auto Fund, the compulsory public auto insurance program for Saskatchewan, and its property and casualty insurance division sells additional automobile and property insurance products in five Canadian provinces under the trade name SGI Canada.
ATB Financial is a financial institution and Crown corporation wholly owned by the province of Alberta, the only province in Canada with such a financial institution under its exclusive ownership.
The Bank of North Dakota (BND) is a state-owned, state-run financial institution based in Bismarck, North Dakota. It is the only government-owned general-service bank in the United States. It is the legal depository for all state funds in North Dakota, and uses these deposits to fund development, agriculture, and small businesses.
The Commodity Credit Corporation (CCC) is a wholly owned United States government corporation that was created in 1933 to "stabilize, support, and protect farm income and prices". The CCC is authorized to buy, sell, lend, make payments, and engage in other activities for the purpose of increasing production, stabilizing prices, assuring adequate supplies, and facilitating the efficient marketing of agricultural commodities.
HSBC Finance Corporation is a financial services company and a subsidiary of HSBC Holdings. It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States. HSBC Finance Corporation was formed from the legal entity that had been known as Household International—shortly after Household International settled for US$486 million in charges pertaining to predatory lending, after burning through $389 million in legal fees and expenses—and is now expanding its consumer finance model via the HSBC Group to Brazil, India, Argentina and elsewhere.
A loan guarantee, in finance, is a promise by one party to assume the debt obligation of a borrower if that borrower defaults. A guarantee can be limited or unlimited, making the guarantor liable for only a portion or all of the debt.
The Farm Credit System (FCS) in the United States is a nationwide network of borrower-owned lending institutions and specialized service organizations. The Farm Credit System provides more than $373 billion in loans, leases, and related services to farmers, ranchers, rural homeowners, aquatic producers, timber harvesters, agribusinesses, and agricultural and rural utility cooperatives. As of 2021, the Farm Credit System provides more than 45% of the total market share of US farm business debt.
Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world.
Founded in 1921 as Australian Guarantee Company to initially provide finance for purchasers of smaller household items, it progressed into financing motor vehicles and was renamed as Australian Guarantee Corporation (AGC) in 1925. AGC was Australia's oldest national finance company offering a range of finance, investment and insurance products and were market leaders in equipment finance, cashflow finance, motor vehicle and personal finance.
The Alberta Heritage Savings Trust Fund(HSTF) is a sovereign wealth fund established in 1976 by the Government of Alberta under then-Premier Peter Lougheed. The Heritage Savings Trust Fund was created with three objectives: "to save for the future, to strengthen or diversify the economy, and to improve the quality of life of Albertans." The operations of the Heritage Savings Trust Fund are subject to the Alberta Heritage Savings Trust Fund Act and with the goal of providing "prudent stewardship of the savings from Alberta's non-renewable resources by providing the greatest financial returns on those savings for current and future generations of Albertans." Between 1976 and 1983 the Government of Alberta deposited a portion of oil revenue into the fund. The Heritage Savings Trust Fund used oil revenues to invest for the long term in such areas as health care, education and research and as a way of ensuring that the development of non-renewable resources would be of long-term benefit to Alberta. The strategy and goals of the fund have changed through successive provincial governments which moved away from direct investments in Alberta to a diversified approach, which now includes stocks, bonds, real estate and other ventures.
Crown corporations are government organizations in Canada with a mixture of commercial and public-policy objectives. They are directly and wholly owned by the Crown.
The Federation of Sovereign Indigenous Nations (FSIN), formerly known as the Federation of Saskatchewan Indian Nations, is a Saskatchewan-based First Nations organization. It represents 74 First Nations in Saskatchewan and is committed to honouring the spirit and intent of the Numbered Treaties, as well as the promotion, protection and implementation of these promises made over a century ago.
The economy of Saskatchewan has been associated with agriculture resulting in the moniker "Bread Basket of Canada" and Bread Basket of the World. According to the Government of Saskatchewan, approximately 95% of all items produced in Saskatchewan, depend on the basic resources available within the province. Various grains, livestock, oil and gas, potash, uranium, wood and their spin off industries fuel the economy.
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Agriculture in the Republic of the Congo is mostly at the subsistence level. Self-sufficiency in food production is yet to be achieved. Cassava (manioc) is the basic food crop everywhere in the country except in the southern region, where bananas and plantains are prevalent. Among the cash crops, the most important are sugarcane and tobacco, though palm kernels, cacao, and coffee are also cultivated to some extent. The main consumption crops are bananas, manioc, peanuts, plantains, sugarcane, and yams. Subsistence agriculture is the country's most significant employer, and it is one of the three most important economic sectors. With the government's efforts since 1987, agricultural production has increased due to "abolishing state marketing boards, freeing prices, launching new agricultural credit institutions and closing down most state farms". The Niari Valley in the south is a notable agricultural area.
The Agricultural Mortgage Corporation plc (AMC) was formed in 1928 under the Agricultural Credits Act, to provide long term mortgages for land and redeveloping farming and rural-based businesses. Initially jointly owned by the Bank of England and the main clearing banks, it was purchased outright by Lloyds Bank in 1993 and is currently a wholly owned subsidiary of Lloyds Banking Group.