Atlantic Canada Business Grants

Nova Scotia Farm Loan Board (NSFLB)

“Fast Tracktor” – Equipment Financing

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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:

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:

  1. 1
    a completed application form;
  2. 2
    a full Business Plan;
  3. 3
    Cheque for Service Fee – Required for New Clients to the Board or Repeat Applications;
  4. 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. 5
    Void Cheque and EFT form to authorize payments by Pre-Authorized Debit (page 5 of Loan Application);
  6. 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. 7
    Quota Information Declaration Form if applicable.
  8. 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.
  1. 9
    Copy of Bill of Sale / Sales Contract of the purchased equipment;
  2. 10
    Details (Make, Model, Year etc.) and Serial Numbers of Equipment to be Purchased.
  3. 11
    A copy of the Notice of Assessment issued by the Canada Revenue Agency;
  4. 12
    Copy of two pieces of current government photo ID (birth certificate, driver’s license, etc.);
  5. 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

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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:

1

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

2

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

Documentation Needed: 

Applicants must submit:

  1. 1
    a completed application form;
  2. 2
    a full Business Plan;
  3. 3
    Cheque for Service Fee – Required for New Clients to the Board or Repeat Applications;
  4. 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. 5
    Void Cheque and EFT form to authorize payments by Pre-Authorized Debit (page 5 of Loan Application);
  6. 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. 7
    Quota Information Declaration Form if applicable.
  8. 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.
  1. 9
    A copy of the Notice of Assessment issued by the Canada Revenue Agency;
  2. 10
    Copy of two pieces of current government photo ID (birth certificate, driver’s license, etc.);
  3. 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

Deferred Product Options

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Amount:

No Fixed Amount

Type of Program:

Loan

Description:

This product is designed for the development of Nova Scotia farm production where a long-range approach to cash flow generation is required. A deferred loan structure has been developed for: apple orchards, high bush blueberry development, low bush blueberry land clearing development, mink ranch expansions and general cash flow situations that require a principal deferment to help a farm manage its cash situation. 

Comments on Funding:

The applicant will pay interest and other fees, if applicable.
The NSFLB will consider applications for established producers with interest only payments for up to 5 years or a complete payment deferral on a major portion of the loan for 3 years.
The "Deferred Product Option" product is typically secured by real estate, quota and applicable guarantees.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicant must be:

  • existing producers,
  • new prospective 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: 

Applicant must submit:

  1. 1
    a completed application form;
  2. 2
    a full Business Plan;
  3. 3
    Cheque for Service Fee – Required for New Clients to the Board or Repeat Applications;
  4. 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. 5
    Void Cheque and EFT form to authorize payments by Pre-Authorized Debit (page 5 of Loan Application);
  6. 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. 7
    Quota Information Declaration Form if applicable.
  8. 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.
  1. 9
    A copy of the Notice of Assessment issued by the Canada Revenue Agency;
  1. 10
    Copy 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.

Program Contact:

Deferred Product Option | Nova Scotia Farm Loan Board

How to Apply | Nova Scotia Farm Loan Board

Fixed Farm Mortgage

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Amount:

No Fixed Amount

Type of Program:

Loan

Description:

The Fixed Farm Mortgage is a fixed rate interest 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 a fixed rate interest and other fees, if applicable.
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.

The Farm Mortgage is typically secured by real property, livestock, quota, equipment and applicable guarantees.
Creditors Life Insurance is available for the full amount of the loan.

When It Ends:

Ongoing

Deadline:

Rolling Deadline

Eligibility:

Applicant must be:

  • existing producer
  • new prospective 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: 

Applicant must:

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

Additional documentation in case of Property Purchase:

  1. 1
    Signed Agreement of Purchase and Sale;
  2. 2
    Quota Exchange Results (Dairy Quota);
  3. 3
    Authorization for transfer of quota;
  4. 4
    Written confirmation of Property Insurance coverage with the NSFLB as the named loss payable, at time of closing.

Additional documentation in case of Construction / Development:

  1. 1
    At the application stage: 
  • Itemized Costs and
  • Plans / Drawings. 
  1. 2
    Prior to disbursement of funds:
  • Evidence of costs (invoices or receipts),
  • Copy of Building permit,
  • Location Certificate.
  1. 3
    Written 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:

Fixed Farm Mortgage | Lending Products | Nova Scotia Farm Loan Board

How to Apply | Nova Scotia Farm Loan Board

Jump Start program

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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:

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

Additional documentation in case of Real Estate Purchase:

  1. 1
    Signed Agreement of Purchase and Sale;
  2. 2
    Quota Exchange Results (Dairy Quota);
  3. 3
    Authorization for transfer of quota;
  4. 4
    Written confirmation of Property Insurance coverage with the NSFLB as the named loss payable, at time of closing.

Additional documentation in case of Deferral Options:

  1. 1
    Other documentation to be provided at the application stage: 
  • Itemized Costs and
  • Plans / Drawings. 
  1. 2
    Other documentation to be provided prior to disbursement of funds:
  • Evidence of costs (invoices or receipts),
  • Copy of Building permit,
  • Location Certificate. 
  1. 3
    Written 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

How to Apply | Nova Scotia Farm Loan Board