By The Canadian Press

Farm Credit Canada Boosts Young Farmer Loan Funding

Mar 14, 2016 | 9:37 AM

REGINA – Farm Credit Canada is adding $500 million to its ongoing commitment to a loan program aimed at helping young farmers become established in the industry.

Launched in March 2012, FCC’s Commitment to the Young Farmer Loan has grown to $2 billion over four years with almost 6,000 loans approved.

The Young Farmer Loan provides qualfied producers, under the age of 40, with loands of up to $500,000 to purchase or improve farmland and buildings.

The loan includes variable lending rates at prime plus 0.5 per cent, a special fixed rate if producers choose that avenue of repayment and no loan processing fees.