Farm Credit Canada (FCC) is growing its commitment to help young people get started in farming.
FCC has added $500 million to its Young Farmer Loan program, which will make a total of $2 billion available to young farmers across the country.
"The loan can be used for any agricultural purpose," explains Lindsay Folk, FCC's director of pricing and products. "It's probably used most often to buy land, but it can also be used land and buildings and equipment, and we would just be taking the land for security."
The loan is geared toward young producers under the age of 40 looking to borrow a maximum of $500,000. Folk says the loan also comes at a preferred interest rate with no processing fees.
Source : Portageonline