FarmNext Program 2021-2022 - Atlantic Canada Business Grants

Amount:

$30,000.00

Type of Program:

Interest Relief

Description:

The FarmNext Program aims to encourage and support new farmers establishing a commercial farm in Nova Scotia. By contributing to the interest accrued on a new loan, program funds are intended to improve the financial stability of the new farm business in the first years of operation.

Comments on Funding:

Funding shall not exceed the lesser of:

projected calculation of 4 years of eligible interest, or
$30,000 maximum benefit.

Funding to applicants will be based on a projected calculation of eligible interest calculated by the financial institution issuing the loan.
Refinancing of existing loans is not eligible.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicant must be:

be new farmers,
have a current Farm Registration,
be at least 19 years of age,
be establishing a new commercial farm or purchasing an interest in an established commercial farm in Nova Scotia for the first time. A commercial farm is defined as a farm business which generates an annual eligible gross agri-business income of $30,000 or more.

Application Steps:

Applicant must:

complete the program funding registration form along with the FarmNext application.

submit to the Programs and Business Risk Management office.

Documentation Needed:

Applicants must submit:

their application and repayment agreement forms within 6 months of loan approval,
a copy of the loan agreement,
their partnership/shareholder agreement,
CRA farming revenue and expenses.

Other Things to Note:

Applications will be accepted for the FarmNext program until funds are exhausted.

Program Contact:

FarmNext Program

21-22_FarmNEXT_Program_Guidelines.pdf

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