Farm Equipment Financing
Highlights
This program is designed specifically for businesses like yours. It offers flexible financing options for purchasing equipment, whether through a dealership or a private sale. This means you can get the tools you need to grow and improve your operations without the hassle of traditional financing.
Why Apply?
- Up to $1,000,000 in financing available
- Additional $150,000 for software or operating costs
- Government-backed loan, providing security and reliability
- Flexible repayment terms up to 15 years
By being approved, you can invest in new equipment, cover operating expenses, and enhance your business capabilities. The application process is straightforward, making it easier for you to qualify and take advantage of this opportunity.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Flexible repayment terms tailored to your business needs.
- Competitive interest rates based on current market conditions.
- Options for fixed or variable interest rates.
Eligible Expenses:
- Purchase of new or used equipment.
- Costs associated with equipment installation and setup.
- Maintenance and repair expenses for existing equipment.
Ineligible Expenses:
- Funds cannot be used for personal expenses.
- Not applicable for refinancing existing debts.
- Excludes non-equipment related business expenses.
Fees:
- Application fee: $100.
- Document preparation fee: $150.
- No additional fees for early repayment.
Qualifications
- Must be a business involved in agriculture or agribusiness.
- Must be purchasing equipment either through a dealership or a private sale.
Business must be located in Canada.
Disqualifications:
- Businesses not related to agriculture or agribusiness.
Description
This program offers a great opportunity for your business. You can borrow up to $1,000,000 to help grow and improve your operations. Here’s how you can use the money:
Up to $500,000 can be used to buy equipment or upgrade your rented space. This includes:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
Up to $150,000 can be used for costs like software or other expenses needed to keep your business running smoothly.
The federal government guarantees 85% of the loan, giving you a significant safety net. This loan program is flexible, allowing you to apply significant purchases made in the last 365 days to the loan.
You have various options to pay back the loan. You can choose a variable interest rate, a fixed one, or even combine your loan amount and interest into mixed payments. You can take up to 15 years to pay back the loan, no matter what you spend it on.
Program Steps
Contact Your Local Dealership: Reach out to a dealership near you to start the process. They can provide detailed information and guide you through the initial steps.
Gather Necessary Documentation: Prepare the following documents to support your application:
- Financial statements
- Business plan
- Quotes for equipment or intended purchases
- Proof of business ownership
- Identification documents
Discuss Financing Options: Talk with the dealership about the different financing options available. Understand the terms, interest rates, and repayment schedules.
Complete the Application Form: Fill out the application form provided by the dealership. Ensure all information is accurate and complete.
Submit the Application: Submit your completed application form along with the required documentation to the dealership.
Review and Approval: The dealership will review your application. They may contact you for additional information or clarification.
Finalize Loan Terms: Once approved, discuss and finalize the loan terms, including the interest rate, repayment schedule, and any associated fees.
Receive Funds and Purchase Equipment: After finalizing the loan terms, the funds will be disbursed. You can then proceed with purchasing the equipment or making the necessary investments for your business.