“Fast Tracktor” – Equipment Financing

By mmuise
Description:

The Fast Tracktor authorization is an equipment purchasing loan for Nova Scotia farmers requiring new or used equipment to sustain their operation.


Comments on Funding:

The applicant will pay interest and other fees, if applicable.
The amortization will depend on the life expectancy of the equipment. Normally equipment amortizations wouldn't exceed 10 years.
The Fast Tracktor line of credit would be secured by real estate; quota; equipment and applicable personal and corporate guarantees. Loan to Value not to exceed 70%

Deadline: -
Eligibility:

Applicants must be:

  • existing NSFLB clients who have real estate mortgages currently in place with the Board, or
  • new clients who are willing to provide the Board with real estate security in addition to the purchased equipment.
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 completed application form;
2. a full Business Plan;
3. Cheque for Service Fee – Required for New Clients to the Board or Repeat Applications;
4. a summary of their education, training, work and farm experience, and a description of your current farm program and marketing program, if New Clients to Nova Scotia Farm Loan Board;
5. Void Cheque and EFT form to authorize payments by Pre-Authorized Debit (page 5 of Loan Application);
6. Completed Group Life Insurance Application Form for at least one applicant (contact your local office for application forms), or written confirmation of Life Insurance through a private policy assigned to the Nova Scotia Farm Loan Board.
7. Quota Information Declaration Form if applicable.
8. Specific information for each business type, as following:
a) Sole Proprietor: Last 3 years Income Tax Return & Statement of Net Worth and/or 3 years’ financial statements.
b) Joint Tenants (Spouses): Last 3 years Income Tax Return & Statement of Net Worth for each individual and/or 3 years’ financial statements.
c) Partnership: Last 3 years Income Tax Return & Statement of Net Worth for each individual and/or 3 years’ financial statements. AND Signed Copy of a Legal Partnership Agreement.
d) Incorporated Business:
i) Last 3 years, accountant prepared business financial statements,
ii) Copy of Company’s Borrowing Resolution Certified by the Registry of Joint Stocks,
iii) Copy of Signed Shareholders Agreement,
iv) Completed Company Shareholder Information Summary Form.
9. Copy of Bill of Sale / Sales Contract of the purchased equipment;
10. Details (Make, Model, Year etc.) and Serial Numbers of Equipment to be Purchased;
11. A copy of the Notice of Assessment issued by the Canada Revenue Agency;
12. Copy of two pieces of current government photo ID (birth certificate, driver’s license, etc.);
13. Quotes or invoices from supplier.

Applications are processed on the basis of a security appraisal, an assessment of the farming program and a review of the completed application form.

Other Things to Note:

No other details available.

About the author
mmuise