BMO Bank of Montreal is introducing a new lending product called Agri ReadiLine to give farmers access to funds without the need to reapply for loans throughout the year, the bank announced today.
The credit crisis has hurt some farmers who do not have easy access to credit for needs such as planting season or purchasing farm equipment.
"We are making financing easier to obtain and manage for both new and existing customers," said David Rinneard, manager of agriculture lending for the bank. "Whether it's for the ongoing operation of your farm, purchase of equipment or quota, barn expansions or the purchase of land our new Agri ReadiLine product is a complete lending solution."
In 2009, the Canadian ag sector should sustain output growth throughout the year due to solid demand , price prospects and productivity gains, said Kenrick Jordan, senior economist at BMO.
Changing market conditions such as fluctuations in commodity prices mean that now is a good time to consider agri-business planning needs, not just lending requirements, Rinneard said.
BMO has a long history of serving the Canadian agriculture sector and has offered relief program offerings to help customers through events that impacted the industry, including Canada's "mad cow" crisis.