There is a new loan program for young entrepreneurs in the agriculture retail, manufacturing and food processing sectors.
The Minister of Agriculture and Agri-Food Canada, Lawrence MacAulay, and Farm Credit Canada announced the new loan during Canada's Agriculture Day Thursday.
The Young Entrepreneur Loan offers financing of up to $1 million per qualified applicant, under age 40. It can be used for the purchase or improvement of agriculture-related assets or the purchase of shares in an agriculture-related business, including those in the agri-food sector.
The goal is to access capital to allow businesses to take advantage of new opportunities, grow the economy and create more middle class jobs.
The Young Entrepreneur Loan has a 25 per cent minimum down payment requirement, custom variable and five-year fixed rates.
In 2015-16, FCC approved more than $2.6 billion in financing to farmers and entrepreneurs under age 40.
