Farmer

Aquaculture Capital Equity Program (ACEP)

by Maurice | February 6, 2023

Amount:

No Fixed Amount

Type of Program:

Investment

Description:

The objective of the Aquaculture Capital Equity Program is to partner with companies to increase production from both hatcheries and marine sites in Newfoundland and Labrador. The program will provide a minimum investment to projects of $250,000 for finfish operations and $100,000 for shellfish to match a private sector cash investment.

Comments on Funding:

ACEP provides a minimum investment of $250,000 for finfish operations and $100,000 for shellfish operations. Applicants must clearly demonstrate the ability to match the requested investment amount.
There is no maximum investment level under ACEP. All reasonable proposals are considered for funding.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be incorporated enterprises operating in or proposing to operate in the finfish or shellfish industry,
be currently involved or proposing to become involved in the commercial scale production of shellfish or finfish at a Newfoundland and Labrador site licensed and approved by the Department of Fisheries, Forestry and Agriculture,
provide a business plan which includes information as requested by Government in the Business Plan Guidelines,
clearly demonstrate, through their business plan a strong potential for sustainable employment opportunities, incremental production and increased sales, and long-term commercial viability,
clearly demonstrate a definite need for Government financial assistance by way of an equity investment; that the equity investment is complementary to and levers to the maximum extent possible other sources of financing; and that the project could not proceed on a commercially viable basis without Government participation,
have all necessary licenses and regulatory approvals, to the satisfaction of Government,
be in good financial and legal standing with Government,
clearly demonstrate that management has the required technical, financial, marketing and managerial expertise for the operation of a commercial-scale aquaculture enterprise,
if existing operators, have at the date of application a minimum private sector equity position equivalent to 20% of the total assets, evidenced by externally prepared (minimum review engagement) financial statements for the last fiscal year, updated to the date of application if requested by Government,
if new operations, have a private sector equity investment equivalent to 20% of total program costs.

Application Steps:

should contact the Director of Aquaculture Development to discuss potential project, and confirm information required by the Department of Fisheries, Forestry and Agriculture to complete an assessment,

submit a proposal package, including a completed and signed application form, and a completed business plan, prepared in accordance with the guidelines contained in the program brochure, to the Director of Aquaculture Development,

meet with Director of Aquaculture Development to discuss the proposed project and projected timeline for decision.

Documentation Needed:

Applicant must submit:

a completed application form,
a business plan including ownership, financial and technical details,
Auditor-prepared financial statements for the past 3 years of operations, if the applicant is an existing operation,
Pro Forma Income Statements and Balance Sheets on a monthly basis for the first year, and on an annual basis for the next 4 years, including all assumptions,
Projected Monthly Cash Flow Statements for the first 5 years of operations, including all assumptions,
a production plan covering a five year period,
other supporting documents.

Other Things to Note:

No other details available.

Program Contact:

Programs and Services

Aquaculture-Capital-Equity-Program-Brochure-May-7-2021.pdf

ACEP-Policy-and-Procedures-Manual.pdf

Agriculture Business Advancer

by Maurice | February 6, 2023

Amount:

$300,000.00

Type of Program:

Grants

Description:

The Agriculture Business Advancer program supports the adoption of new technologies, processes or specialized equipment for the purpose of business growth.

Comments on Funding:

Applicants are eligible for 30% funding assistance on total eligible project costs to a maximum of $300,000.
No more than 100% of non-repayable funding can be received for any eligible project cost incurred and paid for by the applicant, regardless of source.

When It Ends:

Ongoing

Deadline:

31 December, 2022

Eligibility:

The applicant must:

be a Nova Scotia farm,
be currently and properly registered in the correct income category under the Farm Registration Act,
be at least 19 years of age and actively farming in the program year,
have generated an annual eligible gross commodity income of $1,000,000,
be planning expansion and growth,
propose large initiatives with an estimated cost of no less than $750,000.

Application Steps:

Applicant must contact the PBRM office to receive an application package,

Applicant must complete the application package and submit it to the PBRM office.

Documentation Needed:

Applicants must submit:

1
Program Claim Form;
2
copies of all invoices for eligible project costs,
3
proof of payment for each invoice,
4
the Program Funding Registration, if they are new to agriculture funding programs.

Other Things to Note:

There is limited funding for the Agriculture Business Advancer Program. To request an application package, contact the Programs and Business Risk Management office.

Program Contact:

Agriculture Business Advancer Program

Agriculture_Business_Advancer_Guidelines.pdf

Food Bank Tax Credit for Farmers

by Maurice | February 6, 2023

Amount:

No Fixed Amount

Type of Program:

Tax Credit

Description:

The Food Bank Tax Credit for Farmers is a non-refundable income tax credit for individuals or corporations that carry on the business of farming and donate agricultural products to eligible food banks in Nova Scotia.

Comments on Funding:

The credit is 25% of the fair market value of the agricultural products donated.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

The applicant must:

be an individual who carries on the business of farming in Nova Scotia or the individual's spouse or common-law partner,
a corporation that carries on the business of farming in Nova Scotia.

An eligible food bank is a person or entity:

that distributes food in Nova Scotia without charge for the relief of poverty as part of its mandate,
that is registered as a charity under the Income Tax Act (Canada).

Application Steps:

To claim the tax credit the applicant must submit the requested documents.

Documentation Needed:

To claim the tax credit the applicant must:

submit electronically a completed Form NS 428 with his personal income tax and benefit return (T1 return) or file a paper return and attach his completed Schedule 9, if he is an individual or a sole proprietor.
be filing a completed Schedule 2, Charitable Donations and Gifts, with his corporation income tax return (T2 return), if it is a corporation.
keep all his receipts and documents in case he is asked for them later.

Other Things to Note:

Released December 2016 - Source 1
Date modified: 2022-05-16 - Source 2

Program Contact:

Food Bank Tax Credit for Farmers Guidelines.pdf

Nova Scotia food bank tax credit for farmers

“Fast Tracktor” – Equipment Financing

by Maurice | February 6, 2023

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Fast Tracktor authorization is an equipment purchasing loan for Nova Scotia farmers requiring new or used equipment to sustain their operation.

Comments on Funding:

The applicant will pay interest and other fees, if applicable.
The amortization will depend on the life expectancy of the equipment. Normally equipment amortizations wouldn't exceed 10 years.
The Fast Tracktor line of credit would be secured by real estate; quota; equipment and applicable personal and corporate guarantees. Loan to Value not to exceed 70%

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicants must be:

existing NSFLB clients who have real estate mortgages currently in place with the Board, or
new clients who are willing to provide the Board with real estate security in addition to the purchased equipment.

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:

1
a completed application form;
2
a full Business Plan;
3
Cheque for Service Fee – Required for New Clients to the Board or Repeat Applications;
4
a 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;
5
Void Cheque and EFT form to authorize payments by Pre-Authorized Debit (page 5 of Loan Application);
6
Completed 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.
7
Quota Information Declaration Form if applicable.
8
Specific 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.

9
Copy of Bill of Sale / Sales Contract of the purchased equipment;
10
Details (Make, Model, Year etc.) and Serial Numbers of Equipment to be Purchased.
11
A copy of the Notice of Assessment issued by the Canada Revenue Agency;
12
Copy of two pieces of current government photo ID (birth certificate, driver’s license, etc.);
13
Quotes or invoices from supplier.

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:

Fast Tracktor - Equipment Financing | Nova Scotia Farm Loan Board

How to Apply | Nova Scotia Farm Loan Board

Cattle and Sheep Deferred Financing

by Maurice | February 6, 2023

Amount:

No Fixed Amount

Type of Program:

Loan

Description:

This program was developed to support cattle and sheep farmers where there is a proven plan for the expansion of livestock to implement long-term viability of their operation. The Farm Loan Board offers flexible lending terms including payment deferrals that will complement the Nova Scotia Cattle and Sheep Industry Development Program.

Comments on Funding:

The loans are intended to be based on personal property securities. Security documentation for these loans will be Promissory Note, General Security Agreement, and personal guarantees of shareholders (if a company). Loans more than $50,000 may require additional security.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicant must:

be farming in Nova Scotia;
apply for the Nova Scotia Cattle and Sheep Industry Development Program;
provide expansion plan.

Application Steps:

Applicants must:

submit a Nova Scotia Farm Loan Board application form with supporting documentation (checklist)

any additional information that may be requested by their loan officer.

Documentation Needed:

Applicants must submit:

1
a completed application form;
2
a full Business Plan;
3
Cheque for Service Fee – Required for New Clients to the Board or Repeat Applications;
4
a 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;
5
Void Cheque and EFT form to authorize payments by Pre-Authorized Debit (page 5 of Loan Application);
6
Completed 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.
7
Quota Information Declaration Form if applicable.
8
Specific 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.

9
A copy of the Notice of Assessment issued by the Canada Revenue Agency;
10
Copy of two pieces of current government photo ID (birth certificate, driver’s license, etc.);
11
Quotes or invoices from supplier.

Other Things to Note:

This program will complement the Nova Scotia Cattle and Sheep Industry Development Program.

Program Contact:

Cattle_and_Sheep_Deferred_Financing.pdf

Lending Products

How to Apply