Young Entrepreneurs Have Access To A New Loan

FCCA new loan for young entrepreneurs in the agriculture retail, manufacturing and food processing sectors, offers financing of up to $1 million per qualified applicant.

The Young Entrepreneur Loan was announced by Lawrence MacAulay, Minister of Agriculture and Agri-Food Canada and Farm Credit Canada (FCC) on February 16, 2017.

Qualified applicants under the age of 40, can use the money to purchase or improvement agriculture-related assets or buy shares in an agriculture-related business, including those in the agri-food sector. FCC says the access to capital will allow these businesses to take advantage of new opportunities, grow the economy and create more middle-class jobs.

“The Canadian agriculture and agri-food sector needs more young people to get engaged, because they bring the energy and innovative ways of thinking that grow the sector and keep it on the cutting-edge,” said Lawrence MacAulay, Minister of Agriculture and Agri-Food Canada, in the release. “Through the Young Entrepreneur and Young Farmer Loans, FCC is improving access to capital so that young Canadian farmers and entrepreneurs can start and grow their businesses, and pursue their dreams in this dynamic industry..”

The Young Entrepreneur Loan has a 25 per cent minimum down payment requirement, custom variable and five-year fixed rates. Similar to the Young Farmer Loan, which was introduced in 2012 and enhanced in December 2016, there are no processing fees.

The Young Entrepreneur Loan is the latest addition to the FCC’s services that support young producers, like the FCC Transition LoanFCC Ag Knowledge Exchange eventsFCC Publications, FCC on Campus, and FCC Management Software for both accounting and field management.

-Posted by CW