Cattle and Sheep Deferred Financing

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 loans are intended to be based on personal property securities. Security documentation for these loans will be Promissory Note, General Security Agreement, and personal guarantees of shareholders (if a company). Loans more than $50,000 may require additional security.

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
A copy of the Notice of Assessment issued by the Canada Revenue Agency;
10
Copy of two pieces of current government photo ID (birth certificate, driver’s license, etc.);
11
Quotes or invoices from supplier.

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

NS Registry of Joint Stocks: Plain English Guide to the RJSC

Nova Scotia Business Registry Search: How to Search NS Registry of Joint Stocks (Step-by-Step)

Nova Scotia Small Business: 2023 Guide to Business in Nova Scotia

Small Business Resources Nova Scotia: Big List of Helpful Resources for NS Entrepreneurs