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.
Term Farm Mortgage
Amount:
No Fixed Amount
Type of Program:
Loan
Description:
The Term Farm Mortgage is a loan for Nova Scotia farmers which can be used for purchasing an operational farm or additional farm land, for construction of farm buildings for livestock housing or other construction projects such as: greenhouse facilities, milking parlors, silos, manure systems, land clearing, or drainage.
Comments on Funding:
The applicant will pay interest and other fees, if applicable.
The Term Farm Mortgage can be accessed with three term rate options of 3, 5 and 10 years.
Repayment can be amortized over any period from 1-30 years and the repayment schedule can also be tailored to fit the cash flow of a farm.
It is typically secured by real property, livestock, quota, equipment and applicable guarantees.
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:
Additional documentation in case of Property 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 Construction / Development:
- 1At the application stage:
- 2Prior to disbursement of funds:
- 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.
The Farm Debt Consolidator
Amount:
No Fixed Amount
Type of Program:
Loan
Description:
The Farm Debt Consolidator is used as a cleanup tool for short-term payables, stagnant operating debt, medium term loans, and restructuring of long-term debt with other lenders. Nova Scotia farmers can normally implement it when cash flow demand outstrips supply.
Comments on Funding:
The applicant will pay interest and other fees, if applicable.
The Consolidator will be real estate based, supplemented by all other typical forms of security such as a General Security Agreement (GSA) and corporate and personal guarantees. On occasion the Board NSFLB may wish to go beyond the farm for additional personal security. Loan to Value not to exceed 70%.
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:
Applicant 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:
- 9copy of Outstanding loan balance in addition to details relating to any applicable penalties.
- 10A copy of your Notice of Assessment issued by the Canada Revenue Agency;
- 11Copy 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.
Wild blueberry Business Enhancement Loans
Amount:
No Fixed Amount
Type of Program:
Loan
Description:
The Wild Blueberry Business Enhancement program aims to increase wild blueberry production in Nova Scotia through efficiencies and land expansion by providing lending options for equipment, purchase and improvement of existing land, and new site development.
Comments on Funding:
The applicant will pay interest and other fees, if applicable.
When It Ends:
Ongoing
Deadline:
Rolling deadline
Eligibility:
Applicant must:
Application Steps:
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:
- 9A copy of your Notice of Assessment issued by the Canada Revenue Agency;
- 10Copy of two pieces of current government photo ID (birth certificate, driver’s license, etc.).
Additional documentation in case of Equipment Purchase:
- 1Copy of Bill of Sale / Sales Contract;
- 2Details (Make, Model, Year etc.) and Serial Numbers of Equipment to be Purchased.
Additional documentation in case of Property 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 Construction / Development:
- 1At the application stage:
- 2Prior to disbursement of funds:
- 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:
Aquaculture Loan
Amount:
No Fixed Amount
Type of Program:
Loan
Description:
The Aquaculture Loan provides funding to fishers and sea farmers in Nova Scotia to build their business. Loans can be used for starting, expanding or purchasing an aquaculture business.
Comments on Funding:
The loans have flexible repayment schedule to match the income stream, including interest only payments with a final repayment when the product is sold.
The Aquaculture Loan product is typically secured by the assets you are acquiring. The Security takes the form of a General Security Agreement over personal property. A Collateral Mortgage, or Continuing Collateral Mortgage is used in the case where real estate is required.
When It Ends:
Ongoing
Deadline:
Rolling Deadline
Eligibility:
Applicants must be:
Application Steps:
Applicants must submit a completed application form to Nova Scotia Fisheries and Aquaculture Loan Board.
Documentation Needed:
Applicants must submit the application form if they are considering buying a vessel, license and gear owned by a company and also the further documents if they are considering buying specialized equipment:
Other Things to Note:
All applications are subject to an Administration Fee and a Mortgage Registration Fee.
Program Contact: