Young Farmer Loan to help next generation
By Press release
April 13, 2012, Saskatoon, Sask – Young and beginning farmers will find it easier to start and grow their farm businesses with the help of a new $500 million loan program, which was recently introduced.
This new loan offers qualified producers who are under 40 years of age loans of up to $500,000 to purchase or improve farmland and buildings. Producers between the ages of 18 and 39 make up approximately 16 per cent of Canadian producers, according to the 2006 Census. The Farm Credit Canada (FCC) Young Farmer Loan includes features and options that address this demographic, and support their long-term success. These include:
- variable rates at prime plus 0.5 per cent and special fixed rates
- no loan processing fees
The Young Farmer Loan enhances FCC’s suite of existing products and services that support young producers, such as the FCC Transition Loan, FCC Business Planning Award, FCC Learning events and publications, FCC Go Ag! events, and FCC Management software for both accounting and field management.