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Industry Development Programs: Agriculture Loan Guarantees

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

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