Industry Development Programs: Livestock Incentive Loan Program
$75,000.00
Loan, Loan Guarantee
Description:
The Livestock Incentive Loan Program provides loans to financial institutions for New Brunswick farmers purchasing and raising livestock. It also provides guarantees to financial institutions for approved livestock purchases.
Comments on Funding:
Funding takes the form of loans of up to $75,000.
The program guarantees up to 90% of loan, at lenders’ prime interest rate + 1%. The term of the guarantee will be up to 18 months for the purchase of feeder livestock and up to 7 years for the purchase of breeding livestock.
Continuous Intake
Eligibility:
The applicant must:
1. be a full-time or a part-time New Brunswick farmer organized as a sole proprietorship, a partnership, an incorporated company or to be incorporated, or a cooperative,
2. have acceptable agricultural knowledge and business skills, and an acceptable credit history,
3. invest at least 10% equity in the project,
4. provide acceptable security for the proposed financing,
5. have a business plan that shows reasonable chances of viability and that demonstrates that a demand exists for the product(s),
6. work on a project that fits with the province’s sector strategies (in terms of impact on agricultural land, jobs, export sales, markets, etc.).
Application Steps:
Applicants must submibmit the completed form by mail at
1350 Regent Street, PO Box 6000, Fredericton, NB, E3B 5H1, or by phone at (506) 453-2666
Documentation Needed:
Applicants must submit:
1. a completed application form,
2. a business plan.
Other Things to Note:
About the author
Maurice
