As the baby boomers are reaching a point where they may no longer want to be farming, it is more important than ever to keep Canada’s agricultural industry thriving, with the introduction of new young farmers. In an effort to do so, Farm Credit Canada has started a new loan program for young farmers.
Farmers under the age of 40 will be eligible to borrow up to $500,000 to purchase or improve land and buildings at interest rates as low as prime plus half of one percent. In addition to the low interest rate, FCC is waiving the loan-processing fees. This program is similar to one started in Ontario in the 1950’s, the Junior Farmer Establishment Loan Program, which was terminated in the 1990’s.
For more information on the Young Farmer Loan Program, see here
Lisa Brodeur is Quality Assurance Supervisor with 360 Energy in Burlington, Ont.
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