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Industry Development Programs: Agriculture Loan Guarantees

ByMaurice

Amount:

No Fixed Amount

Type of Program:

Loan Guarantee

Description:

The Department of Agriculture, Aquaculture and Fisheries (DAAF) provides loan guarantees to promote development of the agriculture sector as a complementary lender. Clients interested in a DAAF loan guarantee must first seek financing from a private lender.

Comments on Funding:

There is a loan guarantee fee of 1.5 % of the amount guaranteed, paid at the beginning of each year.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be a sole proprietorship, a partnership, an incorporated company or to be incorporated, a cooperative from New Brunswick, or a new entrant (defined as someone who has owned a farm for five years or less),
  • have first seek financing from a private lender,
  • use the financing for: 
  • purchasing an existing farm,
  • starting a new farm,
  • purchasing shares in a farming operation,
  • purchasing land for farming,
  • developing land for farming,
  • working capital requirements,
  • invest, or have invested, a minimum 10% (new entrants 5%) equity into the project,
  • provide acceptable security for the proposed financing,
  • have a business plan. 

Application Steps: 

No specific steps have been identified.

Documentation Needed: 

Applicants must submit:

  1. 1
    a completed application form,
  2. 2
    a business plan which includes:
  • a description of business and project,
  • financial information (minimum of three years of projected income statements and cash flow statements and previous three years financial statements or income tax returns (if existing operation)),
  • a description of management plan,
  • a marketing plan,
  • productions details. 

Other Things to Note:

No other details available.

Program Contact:

Agriculture Loan Guarantees

FISHERIES DEVELOPMENT BOARD

Related posts:

New Brunswick Small Business: Complete Guide for Entrepreneurs
How to Get a Small Business Loan in New Brunswick: Quick Guide for NB Entrepreneurs
Business License New Brunswick: Step-by-Step Guide, Costs & More
Franchise Opportunities in New Brunswick: How to Find Franchises for Sale + Mistakes to Avoid

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Atlantic Canada to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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