Plant Your Roots Program — New Entrant
Highlights
The Plant Your Roots program is designed specifically for new commercial farm owners in Nova Scotia. This program offers financial support to help you stabilize your farm business during the critical first years of operation. By covering eligible loan interest on new loans over a four-year period, it significantly reduces your financial burden.
Why should you apply?
- Financial Stability: The program helps you manage loan interest, making it easier to invest in your farm.
- Government-Backed: This support is backed by the government, providing you with a reliable source of funding.
- Ease of Qualification: If you meet the basic criteria, qualifying is straightforward.
What’s in it for you?
- Reduced Financial Stress: Lower loan interest means more funds available for other essential needs.
- Growth Potential: With financial support, you can focus on expanding your farm to a commercial scale within five years.
- Long-Term Benefits: The program sets you up for long-term success by easing the financial pressures of starting a new farm.
Applying for this program can provide the financial cushion you need to grow your farm business effectively and sustainably.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- The loan is repayable over a term of up to 4 years.
- Interest rates are competitive and based on market conditions at the time of loan approval.
Eligible Expenses:
- Purchase of new equipment and machinery.
- Land acquisition for farming purposes.
- Infrastructure improvements such as barns, greenhouses, and irrigation systems.
- Operating expenses, including seeds, fertilizers, and other essential farming supplies.
Ineligible Expenses:
- Personal expenses unrelated to the farm business.
- Purchase of residential property.
- Repayment of existing debts not associated with the new farm business.
Fees:
- There are no application fees.
- No additional fees for loan processing or administration.
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:
- None specified.
Description
The Plant Your Roots program is designed to help new commercial farm owners in Nova Scotia. You can receive funding to improve your financial stability during the first years of operation. This support is based on a 4-year projected calculation of eligible loan interest on new loans.
You can use this funding to cover the interest on loans you take out to establish or purchase a commercial farm. This means you can focus more on growing your business without worrying about high-interest payments.
The program aims to help you reach a commercial scale level within 5 years. This is a great opportunity to ensure your farm gets off to a strong start, giving you the financial support you need to succeed.
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 (or at least 25% interest in a commercial farm) in Nova Scotia
- Financial statements
- Projected 4-year calculation of eligible loan interest on new loans
Download and Review Program Guidelines:
- Visit the Nova Scotia government website and download the Plant Your Roots Program Guidelines.
- Carefully review the guidelines to ensure you understand all requirements and deadlines.
Complete the Application Form:
- Fill out the application form with accurate and detailed information about your farm and business plans.
- Ensure all sections of the form are completed as per the instructions.
Submit the Application:
- Submit your completed application form along with all required documentation.
- Applications can be submitted to the Department of Agriculture, Programs Division at 74 Research Drive, Bible Hill, NS B6L 2R2.
- Alternatively, you can email your application to [email protected] or fax it to 902-893-7579.
Contact the Department of Agriculture for Assistance:
- If you have any questions or need assistance with your application, contact the Department of Agriculture at 902-893-6377 or toll-free at 1-866-844-4276.
Wait for Application Review:
- The Department of Agriculture will review your application to ensure it meets all criteria.
- Be prepared to provide additional information if requested.
Receive Notification of Approval:
- Once your application is approved, you will receive a notification detailing the terms of your funding.
Follow Up on Loan Disbursement:
- After approval, discuss the final terms and schedule for loan disbursement.
- Ensure you understand the repayment schedule and any associated fees.