Livestock Financing (formerly: Cattle and Sheep Deferred Financing)

By mmuise
Description:

This program was developed to support cattle and sheep farmers where there is a proven plan for the expansion of livestock to implement long-term viability of their operation. The Farm Loan Board offers flexible lending terms including competitive interest rates, flexible payment options and amortization periods designed specifically for Nova Scotia’s farmers, producers and agri-businesses.


Comments on Funding:

Service fee calculation:
New Loans: 0.25% of the loan balance with a minimum of $400 and a maximum of $2000
for all loans under $5 million. A fee of $3000 will apply to loans above $5 million.
Refinancing of Existing Loans: 0.125% of the loan balance to a maximum fee of $250 in
addition to early payment fees.
*For new clients, service fee must be paid upfront, before first disbursement.

Deadline: Continuous Intake
Eligibility:

Applicant must:

  • be farming in Nova Scotia;
  • provide expansion plan.
Application Steps:

Applicants must:

1. submit a Nova Scotia Farm Loan Board application form with supporting documentation (checklist)

2. any additional information that may be requested by their loan officer.

Documentation Needed:

Applicants must submit:
1. 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. Copy of two pieces of current government photo ID (birth certificate, driver’s license, etc.);
4. 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.

If you are applying for the purchase of assets or major renovations (land, buildings, equipment,
quota, upgrades, etc.):
1. Purchase & Sale Agreement signed by all parties (if applicable) and/or
2. Quotes or invoices from supplier.
If you are applying for a new business venture/expansion:
1. Detailed business plan with financial projections (income and
expenses)
If you 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:

Nov. 2023:
They process all applications on the basis of a security appraisal, an assessment of the farming program, and a review of the completed application forms.
Older:
This program will complement the Nova Scotia Cattle and Sheep Industry Development Program.

About the author
mmuise