Credit Lines: FCC Advancer Loan

By mmuise
Description:

The FCC Advancer Loan is a pre-approved, secured loan that continually re-advances funds as their clients (Canadian agriculture businesses) grow their operations.


Comments on Funding:

The applicant will pay interest and other fees, if applicable.

Loan terms and conditions:
- pre-approved, secured loan;
- ability to continually re-advance funds;
- open variable rate;
- interest-only payments required with principal payments at his discretion;
- ability to convert in whole, or in part, to a term loan with a fixed repayment schedule.

Deadline: Continuous Intake
Eligibility:

Applicants must be Canadian agriculture businesses.

Application Steps:

Applicants must contact a FCC representative for details.

Documentation Needed:

Applicants must:
1. generate a net worth statement,
2. collect past three years of tax returns or accountant-prepared financial statements,
3. gather recent pay stubs or written employer verification for off-farm income (if applicable),
4. bring government-issued photo ID (drivers license, passport),
5. collect shareholder agreements (if any),
6. assemble copies of existing operating loan agreements (if applicable),
7. build a business and marketing plan,
8. prepare and maintain a cash flow budget.

Other Things to Note:

Previously both the FCC Credit Line and The FCC Advancer Loan were under the same entry.

About the author
mmuise