A financing program designed to help farmers under 40 has been extended by Farm Credit Canada.
The Young Farmer Loan Program can provide loans of up to $500,000 to buy or improve farmland and buildings.
This is the third year that FCC has offered the program, which has variable lending rates at prime plus 0.5 percent or a special fixed rate, depending on farmer choice, and no processing fees.
FCC said in an Aug. 28 news release that young farmers have been approved for more than $861 million since the program was launched in March 2012. Its popularity has led FCC to increase its commitment for the program to $1.5 billion.
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FCC president Michael Hoffort said it is a reflection of young farmers’ desires to capitalize on better times in agriculture.
“Many young people want to return to the farm or become more rooted in agriculture because they see a bright future in this dynamic industry,” he said in the news release.
Through this program and others, FCC said it approved almost $2.3 billion in financing for 2013-14 to farmers under age 40. That was almost one-third of its total $7.7 billion in disbursements.
