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Deferred Product Options

by Maurice | February 6, 2023

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:

1

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

2

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. 1
    a completed application form;
  2. 2
    a full Business Plan;
  3. 3
    Cheque for Service Fee – Required for New Clients to the Board or Repeat Applications;
  4. 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. 5
    Void Cheque and EFT form to authorize payments by Pre-Authorized Debit (page 5 of Loan Application);
  6. 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. 7
    Quota Information Declaration Form if applicable.
  8. 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.
  1. 9
    A copy of the Notice of Assessment issued by the Canada Revenue Agency;
  1. 10
    Copy of two pieces of current government photo ID (birth certificate, driver’s license, etc.).

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

Program Contact:

Deferred Product Option | Nova Scotia Farm Loan Board

How to Apply | Nova Scotia Farm Loan Board

Related posts:

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

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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