CIBC Farm Term Loan
no fixed amount
Loan
Description:
The CIBC Farm Term Loan is designed to help eligible applicants grow their farm business. They can use their CIBC Farm Term Loan to finance the purchase of farm machinery and equipment, improvements to farm buildings and structures, breeding livestock, marketing quotas and to restructure farm loans.
Comments on Funding:
1. Funding takes the form of loans. The loan amount is generally set at less than 100% of the asset’s market value, so applicants have equity in their asset and there is room for some depreciation.
2. Repayment is based on the productive life of the asset purchased, from 1 to 10 years. Other assets are occasionally required to support the loan.
3. Applicants can select either a fixed or variable interest rate option, whichever best suits their specific financial needs. The variable interest rate option is based on CIBC’s Prime Lending Rate, which fluctuates from time to time.
Rolling deadline
Eligibility:
Applicants must be farm businesses.
Application Steps:
To apply or get more information about CIBC Farm Loans, applicants must talk to a CIBC business advisor or visit a CIBC Banking Centre.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
About the author
Maurice
