Equipment Loan
no fixed amount
Loan
Description:
The Farm Loan Board takes the pressure off buying decisions with affordable financing for new or used equipment, including:
– Tractors;
– Farm implements;
– Processing equipment;
– Irrigation equipment;
– Specialized equipment.
Comments on Funding:
Funding takes the form of a loan, offering competitive interest rates, flexible payment options and amortization periods.
Continuous Intake
Eligibility:
Applicants must:
1. be farmers,
2. be prospective farmers;
3. be existing producers;
4. be agri-businesses;
5. be established in Nova Scotia.
Application Steps:
1. Applicants must complete the application form on their own, or call for a loan officer to assist or review it with them.
2. Applications are processed on the basis of a security appraisal, an assessment of the farming program and a review of the completed application form.
Documentation Needed:
Applicants must submit:
1. a full Personal / Business Tax Returns or Financial Statements for last 3 years of the loan
applicant as well as shareholders and guarantors;
2. a copy of your Notice of Assessment issued by the Canada Revenue Agency;
3. a copy of two pieces of current government photo ID (birth certificate, driver’s license, etc.);
4. a signed Application for Financing form signed by all applicants and shareholders;
5. If applicable, a copy of any shareholder agreements;
6. Electronic Funds Transfer form and void cheque for pre-authorized debit;
7. Consent Agreement – optional.
Additional documentation in case they are applying for the purchase of assets or major renovations (land, buildings, equipment, quota, upgrades, etc.):
1. Signed Agreement of Purchase and Sale; or
2. Quotes or invoices from supplier.
Additional documentation in case they are applying for a new business venture/expansion:
1. Detailed business plan with financial projections (income and
expenses)
Additional documentation in case they are applying for the purchase an existing business, or the shares of a business:
1. Company financial statements for the past 3 years;
2. Confirmation from Canada Revenue Agency that there are no accounts owing.
Other Things to Note:
About the author
Maurice
