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:
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:
- 1a completed application form;
- 2a full Business Plan;
- 3Cheque for Service Fee – Required for New Clients to the Board or Repeat Applications;
- 4a 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;
- 5Void Cheque and EFT form to authorize payments by Pre-Authorized Debit (page 5 of Loan Application);
- 6Completed 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.
- 7Quota Information Declaration Form if applicable.
- 8Specific information for each business type, as following:
- 9A copy of the Notice of Assessment issued by the Canada Revenue Agency;
- 10Copy 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.
