Type of Program:
The Cattle Loan Program helps Island farmers by financially supporting the breeding and raising of animals destined for the Atlantic Beef Products plant.
Comments on Funding:
Funding is up to a maximum of $100,000 per individual applicant and is available under two options:
- 1loan available for feeder animals with financing at prime rate plus 1%, repayable over an 18 month term, or;
- 2loan available to purchase breeding stock with financing at prime rate plus 1%, repayable over a five year term.
The loan application fee equals to ½% of the amount of the proposed loan.
When It Ends:
The applicant must:
must submit the Application for Financial Assistance form, a business plan prepared by a qualified Chartered Accountant and the loan application fee to Finance PEI,
will be contacted to discuss the business proposal and the next steps required to determine eligibility.
The applicant must submit: