AgriInvest - Quebec
Highlights
This program is designed for you because it helps you manage financial risks and grow your savings. By participating, you can make annual deposits into an AgriInvest account and receive matching government contributions up to $10,000. This creates a reserve that can be used to handle unexpected expenses or invest in your business.
Key Benefits:
- Matching Contributions: For every dollar you deposit, the government matches it, doubling your savings.
- Flexibility: Use the funds for various needs, from covering operational costs to making strategic investments.
- Risk Management: Build a financial cushion to better manage the uncertainties in your agricultural operations.
Applying is straightforward, and the program is tailored to support most agricultural products. By joining, you gain a reliable financial partner in the government, helping you secure your business's future.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Repayment Term: Up to 10 years.
- Interest Rates: Fixed rate of 3.5% per annum.
Eligible Expenses:
- Purchase of new or used equipment.
- Renovation and improvement of existing facilities.
- Acquisition of land and buildings.
- Working capital for operational needs.
Ineligible Expenses:
- Personal expenses.
- Repayment of existing debts.
- Investments in non-agricultural ventures.
Fees:
- Application Fee: $150.
- Annual Administration Fee: 1% of the loan amount, added to the interest rate.
- Late Payment Fee: 2% of the overdue amount.
Qualifications
- Must be involved in agricultural production.
- Must make an annual deposit into an AgriInvest account.
Business must be operating within Canada.
Disqualifications:
- Products under supply-management.
- Forestry products.
- Aquacultural products.
- Racehorses.
- Peat moss.
- Cannabis.
- Wild animals in their natural environment.
- Resale of products that do not stem from the farming operation.
- Income derived from farming activities carried on outside of Canada.
Description
This program helps you save money and manage risks for your business. Each year, you can deposit money into a special account. The government will match your deposit, up to $10,000. This means you can double your savings with government contributions.
The money you save can be used to handle unexpected costs or invest in your business. This financial cushion can help you navigate tough times and make better business decisions.
Most agricultural products are covered under this program, giving you broad protection. However, certain products like racehorses, cannabis, and wild animals are not included. This program works alongside other financial support programs to give you a comprehensive safety net.
Program Steps
Create an Online Account:
- Visit the official website.
- Register for an online account if you do not already have one.
Gather Required Documentation:
- Financial statements (e.g., balance sheets, income statements).
- Business plan.
- Proof of business registration.
- Tax returns.
- Identification documents (e.g., driver's license, passport).
Log In to Your Account:
- Use your credentials to log in to your online account.
Complete the Application Form:
- Fill out the application form with accurate and up-to-date information about your business.
- Ensure all fields are completed as required.
Upload Documentation:
- Upload all the required documents to your online account.
- Ensure that the documents are clear and legible.
Review and Submit:
- Double-check all the information and documents provided.
- Submit the completed application form and documentation.
Monitor Application Status:
- Regularly check your online account for updates on your application status.
- Respond promptly to any requests for additional information or documentation.
Await Approval:
- Once your application is reviewed, you will be notified of the decision.
- If approved, follow the instructions provided to access the program benefits.