To Our Valued Clients,
The Bank of Canada has raised interest rates three times so far in 2022 and economists expect a total of 6 increases before the end of the year!
Therefore, after much deliberation, we at Sylvite Agri-Services, have deemed it necessary to adjust our interest rate on overdue balances from 2% per month to 2.5% per month, effective October 31, 2022.
This increase is needed to meet the corresponding increase in the bank rate and the cost of borrowing that is required of us to carry overdue accounts receivable.
We are grateful for your ongoing support and understanding in this matter and trust that this change will help us to continue to provide you with quality products and services that you expect from Sylvite.
If you have any questions or concerns, please reach out to your local branch or a member of the credit department at sylvitecredit@sylvite.ca.
Thank you,
Hugh Loomans
President and Chief Executive Officer
Sylvite Agri-Service