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FarmNext Program 2021-2022

by Maurice | February 2, 2022

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:

1

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

2

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​​​

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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