Young Entrepreneur Loan
Canada
Loans for youth-led agricultural or food-related business
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|maxCount
grant_single|deadlines
- grant_single|openingDateNovember 14, 2019
grant_single|financingType
Loans and Capital investments
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
- Accommodation and food services
grant_single|grantors
- Farm Credit Canada (FCC)
- Government of Canada
grant_single|status
grant_card_status|open
grant_single_labels|preview
Access up to $1,5 million in loans for your agricultural or food-related business, if you are under 40 years old.
grant_single_labels|projects
- Purchasing agriculture or food-related assets - Improving agricultural or food-related businesses - Buying shares in agricultural or food-related businesses
grant_single|admissibleProjectsExample
$150,000
Improvement of a community garden and vegetable market
$800,000
Expansion of organic dairy farm to include cheese production facility
$150,000
Purchase of advanced irrigation systems for fruit orchard expansion
$750,000
Improvement of processing facilities for a seafood company
$1,400,000
Acquisition of an organic food store chain
$250,000
Purchase of new hydroponic systems for urban farming business
grant_single_labels|admissibility
Eligibility for this loan requires meeting certain criteria related to the applicant's age and business activities.
- The applicant must be under the age of 40.
- The business must be agriculture or food-related.
- The loan must be used to purchase shares in, buy, or improve an agricultural or food-related business.
grant_eligibility_criteria|who_can_apply
The Young Entrepreneur Loan is specifically designed for individuals under the age of 40 looking to start or expand an agricultural or food-related business. This opportunity is ideal for young entrepreneurs who have developed a solid business plan but require financial backing to initiate or enhance their business operations. The loan supports the purchase of shares, acquisition, or improvement of businesses within the agriculture or food sectors.
grant_eligibility_criteria|eligible_expenses
This loan program allows young entrepreneurs to finance the start or expansion of their agricultural or food-related businesses. Eligible activities involve the acquisition or enhancement of business assets in these sectors.
- Purchase of shares in agricultural or food-related businesses.
- Buying agricultural or food-related assets to enhance business operations.
- Improving existing agricultural or food-related business facilities or infrastructure.
grant_eligibility_criteria|zone
Eligible expenses for the Young Entrepreneur Loan include costs directly associated with the acquisition and improvement of agricultural or food-related assets.
- Purchase of agriculture-related assets.
- Purchase of food-related assets.
- Improvement of agricultural business assets.
- Improvement of food-related business assets.
grant_single_labels|criteria
There are evaluation and selection criteria for this grant:
- Borrower's age must be under 40
- Submission of a good business plan
- Business must be agriculture or food-related
- Ability to establish or expand the business
- Preference for purchases of agriculture assets
grant_single_labels|register
- Step 1: Contact Local Office (initial engagement)
- Reach out to your nearest FCC office to express your interest in the Young Entrepreneur Loan.
- Discuss your business idea with an FCC representative to understand the loan conditions and obtain guidance on the application process.
- Step 2: Develop Business Plan (documentation preparation)
- Create a comprehensive business plan detailing your business idea, market analysis, business structure, and financial projections.
- Ensure the plan highlights how the loan will assist in purchasing, buying shares in, or improving an agricultural or food-related business.
- Step 3: Gather Required Documentation (information gathering)
- Collect all necessary documents that support your application, such as financial statements, credit history, and personal identification.
- Include any additional documents suggested by the FCC representative.
- Step 4: Complete Application Form (formal application)
- Fill in the loan application form obtained from the FCC office or their online platform.
- Verify all information is accurate and aligns with the documents provided.
- Step 5: Submit Application (submission process)
- Submit the completed application form along with the business plan and all supporting documents to the designated FCC office or via their online submission portal.
- Ensure all components of the application are included before submission to avoid delays.
- Step 6: Application Review and Follow-Up (post-submission)
- Wait for FCC to conduct a review of your application and business plan.
- Respond promptly to any requests for additional information or clarification.
grant_single_labels|otherInfo
Here are additional relevant details for the Young Entrepreneur Loan:
- The loan amount can go up to $2,000,000, allowing significant financial input into the business.
- There are no loan processing fees, reducing initial costs for the borrower.
- Borrowers can take up to 18 months to make purchases with the loan, offering flexibility in financial planning.
- The offer includes an AgExpert Bundle subscription for one year, valued at $499, enhancing business management capabilities.
- Low interest rates are provided, facilitating a focus on business growth rather than high finance costs.
- The loan also aids in building credit history with FCC, which may be beneficial for future financial needs.
Apply to this program
Empowering the Next Generation of Agricultural Leaders
The Young Entrepreneur Loan is designed to support young Canadians under 40 in acquiring, establishing, or expanding their agricultural or food-related businesses. With up to $2,000,000 in available funding at low interest rates, this program is poised to foster the next wave of agricultural innovators and leaders.
Exploring the Young Entrepreneur Loan's Features and Advantages
The Young Entrepreneur Loan offered by Farm Credit Canada (FCC) is tailored to meet the distinct needs of aspiring young agricultural pioneers. By providing vital financial backing, it aims to fuel the ambitions of those who wish to embark on or enhance their entrepreneurial journey within the agriculture and food sector. The loan extends up to a generous $2,000,000, making it a substantial resource for participants to leverage when investing in necessary business assets or shares in agriculture-related enterprises. This program promises lenient and attractive conditions that include notably low interest rates, which are particularly beneficial for young entrepreneurs still building their financial portfolio and credit history. This financial accessibility enables them to focus wholly on the growth and success of their business without being overly burdened by high-interest commitments.
Moreover, the Young Entrepreneur Loan comes with an exclusive benefit of the AgExpert Bundle, which equips entrepreneurs with a one-year subscription to AgExpert Accounting Premium and AgExpert Field Premium. These tools are invaluable for managing accounts and fields efficiently, ensuring that emerging businesses establish robust financial and operational foundations from the outset. This inclusion is valued at $499 and illustrates FCC’s commitment to enriching the entrepreneurial experience with top-tier resources.
Entrepreneurs are granted the flexibility of up to 18 months to finalize their purchases with no loan processing fees, which simplifies the initial phases of business development. This window allows for thoughtful planning and judicious investment, crucial for startups needing time to assess market demands and position their offerings strategically. Additionally, the absence of processing fees further enhances the loan's attractiveness, minimizing upfront costs and enabling entrepreneurs to allocate funds more effectively towards their core business activities.
The preferential rates provided under this program are designed to give young entrepreneurs a competitive edge, enabling them to invest in high-growth opportunities and maximize their return on investment. This strategic financial support helps forge a robust pathway for young entrepreneurs to not only establish but also scale their businesses in a rapidly evolving market.
The focus on young individuals is fundamental, as it ensures that the future of farming and food production in Canada is in the hands of passionate and talented new visionaries. By facilitating advanced education and networking possibilities, the Young Entrepreneur Loan aims to cultivate a vibrant community of young entrepreneurs equipped with the latest knowledge and support systems.
The Young Entrepreneur Loan epitomizes a comprehensive initiative to elevate the potential of young Canadians in agriculture. It encapsulates a well-rounded support system that encourages innovation, sustainability, and resilient business practices. By providing essential financial resources, coupled with educational tools and favorable terms, this loan program serves as a catalytic platform for young entrepreneurs to translate their vision into tangible outcomes, reshaping the agricultural landscape for generations to come.
