MOOSE JAW — The Conexus Credit Union is proud to announce the launch of its $100 million “Ag Grow Fund” with discounted interest rates, no application fees, and no upper age restrictions, which it says is designed to help Saskatchewan’s agricultural producers save money and reinvest in their operations.
This new fund was announced on Monday, Nov. 25, and funds will be available for ag producers starting on Monday, Dec. 2.
“Conexus is dedicated to empowering ag producers to achieve what matters to them,” announced Garnett Volk, the Conexus Credit Union’s growth officer. “We have designed this fund specifically for Saskatchewan producers and their operations.”
The Ag Grow Fund is intended to finance investments in land, buildings, equipment, or livestock, according to Todd Andries, the vice president of business banking for the Conexus Credit Union. Although an exclusive list, he said the fund was designed to address “the vast majority” of agricultural lending requirements observed by the credit union.
The fund entails a financing limit of $2 million per producer, however, and funding is not available for refinancing purposes.
The Ag Grow Fund features exclusive discounted interest rates for new fixed-rate term loans and mortgages, no application fees, and no maximum age limit among other tailored benefits.
“One of the things we’re excited about is that it’s not an offering for one specific group of producers,” Andries said. “There’s no age limitation and there’s no years of farming experience required or (similar limitations). Anybody who’s a producer and would quality for an ag loan would be eligible under the program.”
As well, he said that there will be no loan application fees on behalf of the Conexus Credit Union — although producers who opt for financing under the federal government’s Canadian Agricultural Loans Act (CALA) will not have their fees waived as that product isn’t administered by Conexus.
Andries explained that the new loan format aligns with Conexus’ ongoing mission while aiming to simplify life for agricultural producers.
“What we want to do is to really show our support behind the ag industry by offering something that would appeal to anybody. Conexus is very committed to agriculture and this is another way that we can help show it in the industry.”
The Conexus Credit Union will now add the Ag Grow Fund to its existing support programs including the AGTECH ACCELERATOR and the “Cultivator” program it powers. According to an official statement, these programs are designed to foster agricultural innovation ensuring that “Canadian farmers have access to cutting-edge technology to enhance their operations.”
These programs are “bringing ideas to life,” Andries said. Whether it’s someone with a new concept or an established company, he said Conexus can provide the required supports to back their business enterprise and can “connect them with people who can help them launch their business — whatever stage it is — to the next level.”
The program formally launches on Monday, Dec. 2, but producers are invited to speak with their existing Conexus Credit Union business advisor or reach out if not yet a client. “If they have a conversation with us anytime after the 25th (of November), that’s when we can start the conversation,” Andries said.
Conexus Credit Union is a Saskatchewan-based, member-owned cooperative focused on supporting its members’ financial health. With over 80 years of service, its stated aim is to help its members succeed and contribute to the growth of the province.
To learn more about the Ag Grow Fund visit Conexus.ca/Business/Agriculture/Agriculture-Borrowing/Ag-Grow-Fund.
For more information visit Conexus.ca or call 1-800-667-7477 toll free.
The Conexus Credit Union is located at 80 High Street West.
