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Scotiabank launches new ag financing products

Scotiabank has launched a new farm credit suite and new farm banking package for Canadian farmers that it says will help them respond more quickly to shifting markets and opportunities.

Scotia Flex for agriculture, announced Monday, provides farming and agribusiness customers with the ability to customize their farm credit needs from a suite of credit products under one global credit limit of up to $1 million, secured by the available equity in the farm property.

Also announced Monday was the ScotiaOne Account Plan for agriculture, which the bank said is designed specifically for agricultural business customers with sales under $5 million.

That plan is described as “an
all-inclusive banking package that enables customers to combine the basic
transactional services they need for their farm business along with up to
50 free transactions on a personal account with the option to include a
line of credit up to $250,000.”

“In an environment of strong global food markets, it’s an ideal
time for Canadian farm businesses to explore new opportunities,” said
Patricia Mohr, the bank’s vice-president for economics and commodity market specialist, in a release Monday.

“Stronger grain and oilseed prices — partly linked to surging
interest in biofuels as well as new canola varieties for today’s
health-conscious consumers — have contributed to a 30 per cent advance in
Scotiabank’s Agricultural Price Index over the past year,” she said.

“With Scotia Flex for agriculture and
the ScotiaOne Account Plan for agriculture, customers can take advantage
of opportunities quickly and efficiently,” said Bob Funk, the bank’s vice-president for agricultural banking, in the same release.

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