Young Farmers
Highlights
This program is designed specifically for young farmers like you. It offers customized financing through the Young Farmer Loan, which can help you purchase a farm or agriculture-related assets up to $2,000,000. Even if you have limited credit experience, you can still qualify by presenting a solid plan.
Key Benefits:
- No loan processing fees
- Preferential variable and five-year fixed rates
- AgExpert Bundle: One year of AgExpert Accounting Premium and AgExpert Field Premium (a $499 value)
By applying for this loan, you can establish or expand your business and build your credit history with FCC. The program also provides access to valuable tools and advice to help you take your business plans to the next level. It's a straightforward process to qualify, making it an excellent opportunity to finance your future.
Financing Details
Type of Financing: Loan
Repayment Terms and Interest Rates:
- Preferential Rates: Variable and five-year fixed rates are available.
- No Loan Processing Fees: You won't incur any fees for processing the loan.
Eligible Expenses:
- Agriculture-Related Assets: The loan can be used to purchase farm or agriculture-related assets.
- Time Frame: Eligible purchases can be made for up to 18 months.
Restrictions on Use of Funds:
- Non-Eligible Expenses: The funds cannot be used for non-agriculture-related expenses.
Fees:
- No Loan Processing Fees: There are no fees associated with processing the loan.
Qualifications
- Must be a qualified producer under 40 years old.
- Must be involved in agriculture or related activities.
- Can purchase farm or agriculture-related assets up to $2,000,000.
Must have a sound business plan, even with limited credit experience.
Disqualifications:
- Producers 40 years old or older.
Description
If you are under 40 and in agriculture, this program can help you take the next step in your career. You can borrow up to $2,000,000 to purchase a farm or agriculture-related assets. This includes things like equipment, land, or livestock.
Key benefits include:
- No loan processing fees.
- Preferential variable and five-year fixed rates to help you focus on your business.
- AgExpert Bundle: Get AgExpert Accounting Premium and AgExpert Field Premium for one year, valued at $499.
This loan can be used to buy agriculture-related assets for up to 18 months. It's a great way to establish or expand your business and build your credit history.
Program Steps
Gather Required Documentation: Prepare the necessary documents to support your application. You will need:
- Financial statements
- Business plan
- Details of intended use of funds (e.g., quotes for farm or agriculture-related assets)
- Proof of age (under 40)
- Credit history (if available)
Understand Loan Terms and Benefits: Review the loan features and benefits. This includes preferential variable and fixed rates, no loan processing fees, and the ability to purchase agriculture-related assets for up to 18 months.
Develop a Sound Business Plan: Create a comprehensive business plan that outlines how you will use the loan to purchase a farm or agriculture-related assets. This plan should demonstrate the potential for business growth and financial stability.
Contact FCC for Guidance: Reach out to Farm Credit Canada (FCC) at 1-888-332-3301 to get more information about the application process and any additional requirements. You can also find your local FCC office for personalized assistance.
Submit Your Application: Complete and submit your loan application along with the prepared documentation to FCC. Ensure all information is accurate and complete to avoid delays.
Review and Approval: FCC will review your application to ensure it meets all criteria. They may request additional information or clarification during this process.
Finalize Loan Terms: Upon approval, discuss the final loan terms with FCC. This includes the interest rate, repayment schedule, and any other conditions associated with the loan.
Receive Loan Funds: Once everything is agreed upon, the loan funds will be disbursed. You can then proceed with purchasing the farm or agriculture-related assets as planned.