Perennial Crop Establishment Loan Program

This program is currently closed.

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Perennial Crop Establishment Loan Program provides financial assistance, in the form of loans, to persons wishing to establish a perennial crop.

Comments on Funding:

Financing of perennial crops is up to 75% of the enhanced value. The loan can be amortized in up to 10 years at provincial lending rate.
There are no payments during the first 5 years of the loan.
Interest is charged and capitalized annually. Interest on the outstanding balance is paid annually starting in year 6. The loan balance is paid at end of term.

When It Ends:

Closed

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

be a farmer organized as a sole proprietorship, a partnership, an incorporated company or to be incorporated, or a cooperative,
have perennial crop operations in New Brunswick,
have acceptable agricultural knowledge and business skills, and an acceptable credit history,
show an acceptable amount of equity in the business,
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.).