Agricultural Loan Guarantees: Manitoba Livestock Associations Loan Guarantees
$12,000,000.00
Loan Guarantee
Description:
Manitoba Livestock Associations Loan Guarantees provide members of livestock associations with more favourable financing terms than they would be able to access individually. MASC can provide the lender with a guarantee of up to 25% on the association’s loan.
Comments on Funding:
The maximum loan per association member is $750,000. The maximum lending limit for an association is $12,000,000.
Each member of a feeder association must place 5 per cent of their authorized loan limit into the association’s assurance fund. Each member of a breeder association must place 10 per cent of their authorized loan limit into the association’s assurance fund.
Continuous Intake
Eligibility:
Applicants must be:
1. Feeders and breeders who are members of an association.
2. approved by MASC, the lender, and the association.
Application Steps:
Applicants must:
1. have the association arrange with an approved lender for financial services and for administration of an MASC guaranteed loan.
2. For details, contact MASC through their service centers.
Find a Service Centre:
https://www.masc.mb.ca/masc.nsf/contact.html
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
A livestock association must consist of a minimum of 15 members, and must retain legal ownership of the livestock, which must be identified with the association’s brand. The association sells the livestock on behalf of its members and deducts loan repayments and costs from the sale proceeds before forwarding the net proceeds to its members.
About the author
Maurice
