6 It’s Farming. And It’s Better. Better Farming | November 2024 Beyond the Barn NEW $60M FUND SUPPORTS FARMER CREDIT RECOVERY Glengarry Farm Finance Corporation, in collaboration with Farm Credit Canada (FCC), has announced a $60 million investment aimed at helping transitional farmers in Ontario and Western Canada. The investment will support farmers facing temporary credit issues, helping them stabilize their operations and improve longterm financial health. Founded in 2021 by a group of agricultural professionals and farm credit specialists, Glengarry focuses on offering flexible financial solutions. According to the lender, “these solutions are tailored to meet the unique needs of farmers who are unable to secure loans through conventional banks due to credit challenges. “By acting as a transitional lender, Glengarry plays a crucial role in helping farmers rebuild their financial standing and eventually qualify for traditional banking services.” Darren Baccus, executive vice-president of Investment at FCC, said that “FCC is committed to supporting Canada’s agriculture and food industry, and that includes responsibly expanding capital solutions in underserved areas. “Glengarry serves a segment of the market that complements our current capital solutions. “With the right support, qualified primary producers have the potential to continue to contribute to the resiliency, diversity, and innovation of Canadian agriculture despite temporary financial disruptions in their operations.” Greg Kalil, CEO of Glengarry, commented that “we have an unshakeable belief in the farming community. That’s why we want to modernize farm financing and make it more accessible. We understand agriculture is an unpredictable business, and many determinants of success are well beyond a farmer’s control.” BF An alpaca farm in Prince Edward County has recently become the 24th farm to be protected under the Ontario Farmland Trust (OFT). The program ensures land is saved from development now and in the future. The 94-acre Hazell and Klaassen Farm is known locally as Stonefield Eden and has been raising alpacas (previously planted to winter wheat, beans, peas, and corn). Getting a farmland easement will protect Stonefield Eden’s land along with the property’s natural areas. Martin Straathof, executive director of OFT, recently told Better Farming, “There are many benefits for farmers in partnering with OFT; this includes long-term land security and the ability to preserve farmland for future agricultural use. “This program is ever more critical in the face of growing pressures to develop on some of Canada’s richest and most fertile farmland. “This is giving agency to landowners to leave a legacy of protected food-producing landscapes so future generations can continue to be resilient and produce their own food.” How do farmers explore these benefits? Straathof further explained: “Farmers can engage with OFT to place farmland easements on the title of their property.” Farmland easements provide peace of mind during farm succession planning, as farmers receive assurance that their land cannot be sold for development or for other non-agricultural purposes. “This legal agreement allows them to continue farming while permanently protecting the agricultural and natural features of their land.” Straathof says farmers can then continue to invest in their operations rather than being deterred by encroaching development. This will help future generations maintain food supply and ensure land is not paved over. Farmland owners continue to own their land and maintain the right to sell their land or pass it on to the next generation. Farmland easement agreements do not restrict normal farm practices and are designed to support a wide range of farm types and agricultural uses. “Farmland that is protected will deter land speculators and help stabilize the price of farmland at rates affordable for farmers instead of having to compete with developers. “Our work ensures that Ontario’s farmland remains protected for future generations.” Answers to frequently asked questions about easements can be found at: ontariofarmlandtrust.ca/ resources/faqs/ BF - Mary Loggan OFT PROTECTS ANOTHER ONT. FARM Ontario Farmland Trust photo Owners Dee Hazell and Peter Klaassen with two farm employees.
RkJQdWJsaXNoZXIy NTc0MDI3