Jump Start program
Amount:
No Fixed Amount
Type of Program:
Loan
Description:
The Jump Start program provides beginning Nova Scotia commercial farmers both the classic Farm mortgage for the purchase of real estate and the Deferral Options packages that may be needed to support any operating requirements.
Comments on Funding:
The applicant will pay interest and other fees, if applicable. This program can be combined with the Provincial FarmNext plan.The Jump Start is typically secured by real property, livestock, quota, equipment and applicable guarantees. Loan to Value not to exceed 90%.
When It Ends:
Ongoing
Deadline:
Rolling Deadline
Eligibility:
- Applicants must be beginning commercial 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:
Applicants 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:
- 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.
Additional documentation in case of Real Estate Purchase:
- 1Signed Agreement of Purchase and Sale;
- 2Quota Exchange Results (Dairy Quota);
- 3Authorization for transfer of quota;
- 4Written confirmation of Property Insurance coverage with the NSFLB as the named loss payable, at time of closing.
Additional documentation in case of Deferral Options:
- 1Other documentation to be provided at the application stage:
- Itemized Costs and
- Plans / Drawings.
- 2Other documentation to be provided prior to disbursement of funds:
- Evidence of costs (invoices or receipts),
- Copy of Building permit,
- Location Certificate.
- 3Written confirmation of Property Insurance coverage with the NSFLB as the named loss payable.
Applications are processed on the basis of a security appraisal, an assessment of the farming program and a review of the completed application form.
Other Things to Note:
No other details available.
Program Contact:
Jump Start Program | Lending Products | Nova Scotia Farm Loan Board
