Plant Your Roots Program — Commercial Farm Purchases
Highlights
The Plant Your Roots program is designed specifically for new commercial farm owners in Nova Scotia. This program offers financial stability during your crucial first years of operation. By covering eligible loan interest on new loans for up to four years, it helps you manage your finances more effectively.
Why should you apply?
- Financial Support: The program provides funding to ease the burden of loan interest, allowing you to focus on growing your farm.
- Better Financing: Unlike traditional loans, this program offers government-backed support, making it a more secure option.
- Growth Opportunity: With this financial aid, you can invest in essential resources and scale your farm to a commercial level within five years.
What's in it for you?
- Reduced Financial Stress: Lower loan interest means more capital to reinvest in your farm.
- Easier Qualification: The program is tailored for new farm owners, making it simpler to meet the criteria.
Applying for this program can significantly boost your farm's growth and stability, ensuring a strong start for your business.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan is repayable over a term of up to 10 years.
- Interest rates are competitive and fixed at 3% per annum.
Eligible Expenses:
- Purchase of farmland or commercial farm properties.
- Investment in farm equipment and machinery.
- Construction or renovation of farm buildings.
- Working capital to support day-to-day farm operations.
Ineligible Expenses:
- Personal expenses unrelated to farm operations.
- Purchase of residential properties.
- Investments in non-farming businesses.
Fees:
- Application fee of $150.
- No additional fees for loan processing or early repayment.
Qualifications
- Must be a farm or Mi'kmaq conducting farming activities in a Mi'kmaw community.
- Must be currently and properly registered in the correct income category under the Farm Registration Act.
- Must be at least 19 years old.
- Must be actively farming in the program year.
Must be establishing a farm business with the goal of reaching a commercial scale level within 5 years or purchasing a commercial farm (or at least 25% interest in a commercial farm) in Nova Scotia for the first time.
Disqualifications:
- Not registered under the Farm Registration Act.
- Under 19 years old.
- Not actively farming in the program year.
- Not establishing a farm business or purchasing a commercial farm in Nova Scotia for the first time.
Description
This program helps you take ownership of a commercial farm in Nova Scotia. It’s designed to support new farmers financially during their first years of operation. You can receive funding based on a 4-year projected calculation of eligible loan interest on new loans.
You can use the money to:
- Buy a commercial farm or a 25% interest in one.
- Improve your farm’s financial stability.
Key benefits include:
- Financial support for up to 4 years, helping you manage loan interest.
- No immediate payback, giving you time to establish your farm business.
This program is a great opportunity to secure the financial backing you need to grow your farm to a commercial scale within 5 years.
Program Steps
Gather Required Documentation:
- Proof of farm registration under the Farm Registration Act.
- Proof of age (must be at least 19 years old).
- Business plan outlining the goal of reaching a commercial scale level within 5 years or details of purchasing a commercial farm.
- Financial statements and projections for the next 4 years.
- Any additional documentation specified in the Program Guidelines.
Complete the Application Form:
- Download the application form from the Nova Scotia Department of Agriculture website.
- Fill out all required fields accurately.
Prepare Supporting Documents:
- Ensure all gathered documents are organized and ready to submit with your application.
- Double-check that all information is complete and correct.
Submit the Application:
- Send the completed application form and supporting documents to the Department of Agriculture.
- You can submit via mail, fax, or email as specified in the Program Guidelines.
Contact the Department of Agriculture:
- If you have any questions or need assistance, contact the Programs Division at 902-893-6377 or toll-free at 1-866-844-4276.
- You can also email [email protected] for further guidance.
Await Application Review:
- The Department of Agriculture will review your application.
- They may contact you for additional information or clarification.
Receive Approval and Funding:
- Once approved, you will receive details on the funding amount and terms.
- Use the funds as outlined in your business plan to improve the financial stability of your farm.