The price of farmland is rising right across Canada and for those buyers under age 40 there is a chance to get some very good financing rates. Farm Credit Canada (FCC) has extended its loan program designed to help young farmers purchase or improve farmland and buildings.
Launched in March 2012, the Young Farmer Loan Program offers qualified producers who are under 40 years of age loans of up to $500,000 to purchase or improve farmland and buildings. The loan includes features and options that address this demographic and support their long-term success, including variable rates at prime plus 0.5%, a special fixed rate and no loan processing fees.
FCC has approved more than $500 million in loans since the program was announced, and is now doubling its commitment to $1 billion for lending to young farmers. In 2012-13, FCC approved $2.3 billion in financing to farmers under age 40.
For more information on the FCC Young Farmer Loan, visit www.fcc.ca/youngfarmerloan or producers can call the FCC office in Saskatchewan at 1-800-387-3232
Lake Okanagan Realty
506 Doyle Avenue
Kelowna, BC V1Y 6V8