OTTAWA – Local MP Barry Devolin is pleased that young and beginning farmers will find it easier to start and grow their farm businesses with the help of a new $500 million loan program announced by Agriculture Minister Gerry Ritz and Farm Credit Canada (FCC) President and CEO Greg Stewart.
“Agriculture is a key driver of jobs and economic growth not only across Canada but here in Haliburton-Kawartha Lakes-Brock,” said Devolin. “As such, young farmers are vital to the long-term prosperity of the agriculture industry.”
This new loan offers qualified producers who are under 40 years of age loans of up to $500,000 to purchase or improve farmland and buildings. Producers between the ages of 18 and 39 make up approximately 16 per cent of Canadian producers, according to the 2006 Census.
The FCC Young Farmer Loan includes features and options that address this demographic, and support their long-term success. These include:
• variable rates at prime plus 0.5% and special fixed rates
• no loan processing fees
“Encouraging young farmers to invest wisely and contribute to a prosperous, modern sector is not only good for agriculture but good for Canada,” said Devolin. “The Young Farmer Load will allow young producers to borrow with no fees at affordable rates, while helping them build their businesses and develop a solid credit history.”
As Canada’s leading agriculture lender, FCC provides financing, insurance, software, learning programs and other business services to producers, agribusinesses and agri-food operations
For more information on the FCC Young Farmer Loan, visit www.fcc.ca/youngfarmerloan.
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For more information contact:
Barry Devolin, MP
(705) 324-2440 or (866) 688-9881