Deferred Product Options

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

This product is designed for the development of Nova Scotia farm production where a long-range approach to cash flow generation is required. A deferred loan structure has been developed for: apple orchards, high bush blueberry development, low bush blueberry land clearing development, mink ranch expansions and general cash flow situations that require a principal deferment to help a farm manage its cash situation.

Comments on Funding:

The applicant will pay interest and other fees, if applicable.
The NSFLB will consider applications for established producers with interest only payments for up to 5 years or a complete payment deferral on a major portion of the loan for 3 years.
The "Deferred Product Option" product is typically secured by real estate, quota and applicable guarantees.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicant must be:

existing producers,
new prospective farmers.

Application Steps:

Applicant must:

Applicants must complete the application form on their own, or call for a loan officer to assist or review it with them.

Applications are processed on the basis of a security appraisal, an assessment of the farming program and a review of the completed application form.

Documentation Needed:

Applicant 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.