Cattle and Sheep Deferred Financing - Atlantic Canada Business Grants

Amount:

No Fixed Amount

Type of Program:

Loan

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 payment deferrals that will complement the Nova Scotia Cattle and Sheep Industry Development Program.

Comments on Funding:

The applicant will pay interest and other fees, if applicable.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicant must:

be farming in Nova Scotia;
apply for the Nova Scotia Cattle and Sheep Industry Development Program;
provide expansion plan.

Application Steps:

Applicants must:

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

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

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:

Sole Proprietor: Last 3 years Income Tax Return & Statement of Net Worth and/or 3 years’ financial statements.
Joint Tenants (Spouses): Last 3 years Income Tax Return & Statement of Net Worth for each individual and/or 3 years’ financial statements.
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.
Incorporated Business:

Last 3 years, accountant prepared business financial statements.
Copy of Company’s Borrowing Resolution Certified by the Registry of Joint Stocks.
Copy of Signed Shareholders Agreement.
Completed Company Shareholder Information Summary Form.

9
Other documentation to be provided at the application stage:

Itemized Costs and
Plans / Drawings.

10
Other documentation to be provided prior to disbursement of funds:

Evidence of costs (invoices or receipts),
Copy of Building permit,
Location Certificate.

11
Written confirmation of Property Insurance coverage with the NSFLB as the named loss payable.

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:

This program will complement the Nova Scotia Cattle and Sheep Industry Development Program.

Program Contact:

Cattle_and_Sheep_Deferred_Financing.pdf

Lending Products

How to Apply

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