Preyou de mIse de fohnotds (Down Payment Loan)

By mmuise
Description:

FIRA offers a Down Payment Loan, a subordinated loan on the guarantees, complementary to the loan from a main lender. The loan can be used to acquire equipment, buildings, agricultural land, quotas or a complete agricultural operation.


Comments on Funding:

Funding takes the form of loans ranging from $50,000 to $250,000.

Loan terms and fees:
1. The total duration of the loan, including the initial moratorium period, is 15 years.
2. Repayment holiday:
a) a capital and interest repayment holiday for a maximum period of 36 months. During the leave, interest is capitalized. OR
b) a principal repayment moratorium only for a maximum period of 60 months.
3. The interest rate is entered into for 5-year terms.
4. The interest rate for the first 5-year term is 6.00%, which may vary from time to time.

Deadline: Continuous Intake
Eligibility:

Applicants must:

  • be in agriculture or in the process of being;
  • be between 18 and 39 years old at the time of application;
  • be individuals and for-profit agricultural enterprises organized as:
    a) corporations (companies);
    b) partnerships;
    c) cooperatives.
  • have completed recognized training or demonstrate that they have more than 5 years of relevant experience in production and agricultural business management;
  • hold at least 20% of the voting shares and plan to hold at least 50% within a five-year horizon;
  • provide a down payment at least equivalent to that of FIRA. This value is not calculated only in money. It may also include values contributed to the project, including grants and assets, to determine the amount that can be loaned.
Application Steps:

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Documentation Needed:

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Other Things to Note:

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About the author
mmuise