FCC expands loan program for young farmers

Farm Credit Canada is expanding its loan program for young farmers by $500 million.

FCC launched the program four years ago and had nearly 6,000 loans totalling more than $1.3 billion as of Dec. 31, 2015.

The Young Farmer Loan program provides qualified producers, under age 40, with loans 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.

In 2014-15, FCC approved more than $2.4 billion in financing to farmers under age 40, representing more than one-quarter of the $8.6 billion it loaned last year.

More information can be found at fcc.ca/youngfarmerloan.

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