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Industry Development Programs: Livestock Incentive Loan Program

by Maurice | February 5, 2023

Amount:

$75,000.00

Type of Program:

Loan & Loan Guarantee


Description:

The Livestock Incentive Loan Program provides loans to financial institutions for New Brunswick farmers purchasing and raising livestock. It also provides guarantees to financial institutions for approved livestock purchases. 

Comments on Funding:

Funding takes the form of loans of up to $75,000.
The program guarantees up to 90% of loan, at lenders’ prime interest rate + 1%. The term of the guarantee will be up to 18 months for the purchase of feeder livestock and up to 7 years for the purchase of breeding livestock.


When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

  • be a full-time or a part-time New Brunswick farmer organized as a sole proprietorship, a partnership, an incorporated company or to be incorporated, or a cooperative,
  • have acceptable agricultural knowledge and business skills, and an acceptable credit history,
  • invest at least 10% equity in the project,
  • provide acceptable security for the proposed financing,
  • have a business plan that shows reasonable chances of viability and that demonstrates that a demand exists for the product(s),
  • work on a project that fits with the province’s sector strategies (in terms of impact on agricultural land, jobs, export sales, markets, etc.).

Application Steps: 

No specific steps have been identified.

Documentation Needed: 

Applicants must submit:

  • a completed application form,
  • a business plan.

Other Things to Note: 

No other details available.

Program Contact:

Livestock Incentive Loan Program

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

About Maurice

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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