Quota Loan
Amount:
No Fixed Amount
Type of Program:
Loan
Description:
The Quota Loan is for buying milk quota, egg quota, broiler quota, and turkey quota. It provides Nova Scotia farmers the needed funding to grow production and keep their farm moving into the future.
Comments on Funding:
The applicant will pay interest and other fees, if applicable.
Repayment can be amortized over any period from 1-20 years and the repayment schedule can also be tailored to fit the cash flow of the commodity.
The "Quota Loan" is typically secured by real estate, quota and applicable guarantees. However, in certain circumstances the loan may be secured by the quota alone.
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:
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:
- 9Signed Agreement of Purchase and Sale;
- 10Quota Exchange Results (Dairy Quota);
- 11Authorization for transfer of quota;
- 12Written confirmation of Property Insurance coverage with the NSFLB as the named loss payable, at time of closing.
- 13A copy of your Notice of Assessment issued by the Canada Revenue Agency;
- 14Copy 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.
Other Things to Note:
No other details available.
