Is this right for you?

Loans under the Farm Improvement and Marketing Co-operatives Loans Act (FIMCLA) are another attractive way for you to finance many capital assets. Farming assets that qualify under this government program include implements, buildings, additional land, breeding livestock, repairs to buildings and equipment, land improvements, and debt consolidation. FIMCLA interest rates are currently very competitive.

Qualifying farm producers can receive up to 80% financing to a maximum of $250,000 under FIMCLA (when applicant meets the Bank's normal credit criteria).

The Details

Amortization periods of up to 10 years are available. 15 year amortization periods are available for the purchase of additional farm land.

• Loans may be fixed or floating interest rate.
• Fixed rate loans may be transferred to floating rate at the end of the term.
• Fixed rate may be reserved 45 days prior to loan advance.
• Prepayment of fixed rate loans before maturity date is subject to penalty charges.
• Fixed rate loans may be extended before maturity and rate may be blended.

Payments are generally made monthly, but must be made at least annually for FIMCLA. There is an administration fee payable to the federal government on each FIMCLA loan application. Other fee(s) may apply.

Farmer-owned marketing cooperatives may also apply under this program. Qualifying cooperatives can have one or more loans to a maximum combined amount of $3 million. Ask us about the details.

Is there anything else I need to know?

BMO Bank of Montreal Commercial Loan Life Insurance is available to all qualified borrowers.

The Next Step

To discuss further, contact us at
1 877 262-5907
or visit your BMO Bank of Montreal branch.