A new company, FNA Fertilizer Limited Partnership (FNA FLP), has been created to provide a vehicle for farmers to own a stake in a new fertilizer manufacturing plant, and the company has determined that the Swift Current area will play a key role.
A public meeting has been scheduled for Oct. 10 at 10 a.m. at the Royal Canadian Legion Hall.
As its name suggests the FNA Fertilizer Limited Partnership is the outcome of the continuing efforts of Farmers of North America (FNA) to achieve a solution for farmers on competitively priced fertilizer.
FNA itself was created in 1998 by a farm family from Hodgeville.
The new business is a legally distinct entity, registered in Saskatchewan, and farmers who buy in become legal business partners in FNA Fertilizer Limited Partnership.
Swift Current was chosen as a location for a public meeting because it is a key growing area and hosts many current FNA members.
"The Swift Current area is home to a lot of progressive farmers who are serious about improving farm profitability," said FNA FLP spokesman Bob Friesen. "If we are going to meet that mission of improving farm profitability, we need producers who are willing to move into the value chain and claim their stake in the profits made by the value chain."
In a move underscoring its confidence in the success of the project, FNA is providing backing for 60 per cent of farmers' seed capital investment. The normal condition for seed capital offerings is that the investment is treated as a 100 per cent risk investment with no backstop.
The public meeting will be a forum for producers to get information about the project, have their questions answered and have an opportunity to subscribe to the limited partnership’s seed capital offering. The project is expected to move into a farmer equity phase in the coming months.