Nova Scotia Farm Loans
Highlights
This program is designed specifically for businesses like yours in the agriculture and agri-food sector. It offers tailored financing options to help you grow and improve your operations. Whether you need funds for land, infrastructure, equipment, or specific projects like wild blueberry farming or livestock, this program has you covered.
Why should you apply?
- Flexible Financing: Choose from various financing products that suit your specific needs.
- Government-Backed: Enjoy the security of a government-backed loan, which often comes with better terms and lower interest rates.
- Wide Range of Uses: Use the funds for operating expenses, new equipment, restorations, and more.
What's in it for you?
- Ease of Qualification: The program is designed to be accessible, making it easier for you to qualify.
- Support for Growth: Being approved can provide the financial boost needed to expand your business, improve efficiency, and increase profitability.
Contact a loan officer today to discuss how this program can benefit your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan offers flexible repayment terms tailored to your business needs.
- Interest rates are competitive and vary based on the loan amount and repayment period.
- You can choose between fixed and variable interest rates.
Eligible Expenses:
- Land and infrastructure development
- Equipment purchases
- Livestock acquisition
- Orchard and vineyard setup
- Processing facilities
- Quota purchases
- Wild blueberry farming
- Transition projects
Use of Funds:
- Funds cannot be used for non-agricultural projects or personal expenses.
Fees:
- Application fee: $100
- Document preparation fee: $175
- No renewal fees for standalone loans
- Additional administrative fees may apply based on the loan structure
Qualifications
- Must be a business in the agriculture or agri-food sector.
- Business must be located in Nova Scotia.
- Must have a project related to land and infrastructure, quota, processing, wild blueberry, transition, equipment, orchard and vineyard, or livestock.
Disqualifications:
- Businesses outside the agriculture or agri-food sector.
- Businesses located outside Nova Scotia.
Description
This program offers your business up to $1,000,000 in financing. You can use this money for various projects in the agriculture and agri-food sector.
You can use the funds for:
- Buying or improving land and infrastructure
- Purchasing equipment
- Expanding your livestock
- Developing orchards and vineyards
- Supporting wild blueberry production
- Enhancing processing capabilities
The program is flexible and can cover a wide range of projects. You have up to 15 years to repay the loan, giving you ample time to see your investments grow. This is a great opportunity to boost your business with the support you need.
Program Steps
Gather Required Documentation:
- Financial statements (last 2 years)
- Business plan
- Project proposal
- Quotes for equipment or infrastructure
- Proof of business registration
- Tax returns (last 2 years)
Complete the Application Form:
- Visit the program's website or contact a loan officer to obtain the application form.
- Fill out all required fields accurately.
Prepare a Detailed Project Proposal:
- Outline the purpose of the loan.
- Include detailed cost estimates.
- Explain how the funds will be used to benefit your business.
Submit the Application:
- Ensure all required documents are attached.
- Submit the application form and supporting documents to the appropriate office (Truro Head Office or Kentville Field Office).
Contact a Loan Officer:
- Reach out to a loan officer for any questions or clarifications.
- Use the provided contact information (phone or email).
Review and Follow Up:
- Monitor the status of your application.
- Be prepared to provide additional information if requested.
Approval and Agreement:
- Once approved, review the loan terms and conditions.
- Sign the loan agreement.
Receive Funds:
- Upon signing the agreement, the funds will be disbursed.
- Use the funds as outlined in your project proposal.