NewsBusinessFCC Raises Young People in Ag Loans to $1.5 Million

FCC Raises Young People in Ag Loans to $1.5 Million

-

The following piece is from our sister publication, the Alberta Seed Guide.

The lifetime maximum amount Young Farmer and Young Entrepreneur loans have been increased from $1 million to $1.5 million, Farm Credit Canada (FCC) says in a Dec. 7 news release.

“One of the biggest challenges young farmers and entrepreneurs tell me they face is access to capital. These specialized loans mean the next generation will be better able to become established and contribute to Canada,” Marie-Claude Bibeau, federal minister of agriculture and agri-food, says in the release.

The Young Farmer Loan Program offers qualified producers, who are under 40, loans of up to $1.5 million to purchase or improve farmland and buildings, the release notes. The Young Entrepreneur Loan offers financing of up to $1.5 million per qualified applicant, under age 40. It can be used to start or expand a business and to purchase shares in an agriculture-related business, including those in the agri-food sector.

The eligibility and the lifetime maximum approval of the Starter Loan has also been expanded and increased. The Starter Loan is designed to support new entrants into the industry, helping them build a solid credit rating and improve their financial literacy, the release says.

The release notes that since April 2019, FCC has approved over 6,700 loans specifically tailored for young producers and entrepreneurs worth almost $2.1 billion.

Related Articles

Maritime Drought Lowers Farmland Value Increases

Feds Launch $100 Million Pandemic Business Disruption Fund Through FCC

FCC Announces Partnership to Promote Mental Health Support Network

Trending This Week

Spud Smart’s Most Innovative Products for 2025

What innovative products are leading the Canadian potato industry into the future? As the Canadian potato industry grapples with unpredictable weather patterns, economic strains, and...

Unlocking the Potato’s Hidden Defense: New Discovery Could Revolutionize Pest Control

0
A discovery from Japan’s Kobe University sheds light on a secret chemical dialogue between potato roots, soil microbes, and harmful parasites — opening new...

Potatoes in the Ground, Markets in Motion

https://www.youtube.com/watch?v=RSEQ0T5cEQc Potatoes are in the ground and processing contracts are negotiated. United Potato Growers of Canada General Manager Victoria Stamper breaks down what’s happening across the...

Advancing High-Quality Seed Potato Multiplication for Family Farms in Uruguay

0
The potato holds a central role in Uruguay’s agricultural landscape, contributing significantly to the country’s food security and economy — but access to high...

Should French Fries say “Bye Bye Burbank”, and “Hello Yellow!”?

0
Last month, I talked about how it’s time to say, “Bye Bye Burbank”. The Russet Burbank has been a cornerstone of the potato industry...