How to apply for a loan?
If customers are sure that they are ready to apply for one of the products provided by the company, they need to contact them. They can call the toll-free number or write an email. Also, they can find the nearest office and visit it to apply for a loan.
Requirements
Farm Credit Canada's requirements are unclear as the company has a lot of different financial products, and all of them have different needs. However, customers must be of the age of majority in their province, be Canadian citizens, and have an active agriculture or food and beverage business. Moreover, they will need to prepare several documents such as a net worth statement for each borrower; past income tax returns and/or accountant-prepared financial statements dating back three years; government-issued photo ID; recent pay stub, or written employer verification (for off-farm income). Also, customers may need to create a business plan and prepare a cash flow budget.
Application details
The company applies three criteria when deciding on customer approval. These are:
Repayment ability. The company reviews customers’ past and projected financial performance and off-farm income. That gives them a good idea of customers’ approaches to paying off loans.
Prior credit history. The company looks at customers’ experiences and how their businesses operated in the past.
Security. They consider collateral as customers’ secondary payment source and assess its value and commitment to other lenders.
If customers meet those criteria, they can be approved for one of the company’s loans or other financial products.
