Young Farmers
Last Update: January 24, 2025
Canada
Loans for farmers under 40 years old
Young Farmers at a glance
Eligible Funding
- Max. $1,500,000
Timeline
- Open Date : July 9, 2024
Financing Type
Loans and Capital investments
Eligible Industries
- Agriculture, forestry, fishing and hunting
Grant Providers
- Farm Credit Canada (FCC)
- Government of Canada
Status
Open
Overview of the Young Farmers program
Get customized financing of up to $150,000 for your agriculture, agribusiness or food and beverage-related business with the Starter Loan, and up to $1.5 million with the Young Farmer Loan. Attend free events and webinars to sharpen your farm management p
Financing terms and conditions
The FCC Young Farmer Loan provides tailored financing solutions to support young producers in advancing their agricultural enterprises. It is designed to accommodate various financial needs through preferential rates and comprehensive resources.
- Opportunity to finance agriculture-related assets up to $2,000,000.
- Loan term allows asset purchases for up to 18 months.
- No loan processing fees, enhancing cost-effectiveness for borrowers.
- Preferential variable and five-year fixed interest rates to support financial planning and stability.
- Access to the AgExpert Bundle, including one-year subscriptions to AgExpert Accounting Premium and AgExpert Field Premium, valued at $499.
Eligible projects & activities
This loan program assists young farmers under the age of 40 in establishing or expanding their agricultural operations. Funding is available for purchasing farms or agriculture-related assets with the support of specialized financial tools and advice.
- Acquisition of agricultural properties or land.
- Purchase of agricultural machinery and equipment.
- Investment in agricultural infrastructure development.
- Access to financial management tools such as AgExpert Accounting Premium and AgExpert Field Premium.
- Opportunities for attending FCC events to gain insights and advice.
- Consulting with FCC Business Advisors for transition planning and business growth.
Examples of admissible projects:
$ 380,000
Establishing a greenhouse for year-round vegetable cultivation
$ 150,000
Implementing advanced irrigation systems for a sustainable vegetable farm
$ 250,000
Upgrading wine production facilities with new fermentation tanks
$ 220,000
Building a new poultry barn with modern equipment
$ 300,000
Expanding organic dairy production with new milking equipment
$ 200,000
Developing an agritourism initiative with an educational farm
Eligibility criteria of the Young Farmers program
Eligibility for the FCC Young Farmer Loan is determined by specific requirements related to the applicant's profile and proposed activities.
- The applicant must be a qualified producer under 40 years old.
Who is eligible?
The grant mentioned is specifically designed for young farmers who are under 40 years old. Qualified producers under this age limit can apply for the Young Farmer Loan to support their agriculture career.
Eligible expenses
The Young Farmer Loan allows young producers to purchase agriculture-related assets.
- Purchase of agriculture-related assets up to $2,000,000.
Eligibility criteria of the Young Farmers program
There are evaluation and selection criteria for this grant. The Young Farmer Loan has specific criteria for eligibility and approval:
- Qualified producer under 40 years old
- No loan processing fees
- Preferential variable and five year fixed rates available
- Purchase agriculture related assets for up to 18 months
- Sound plan required for approval
How to apply to the Young Farmers program
1
Assess Eligibility
Confirm that you are a qualified producer under 40 years old.
2
Contact FCC
- Call FCC at 1-888-332-3301 to learn more about the Young Farmer Loan.
- Find your local FCC office to discuss your needs.
- Talk to an FCC Business Advisor for one-on-one advice.
3
Prepare Business Plan
- Utilize FCC’s tools and templates to develop a business plan.
- Consider using the business plan bundle provided by FCC for success.
4
Application Preparation
- Gather necessary financial documents and plan your credit needs.
- Use the calculators and financial ratios tools to assist your planning.
5
Submit Application
- Submit your application through guidance received from FCC advisors.
- Ensure all documentation is complete and accurate before submission.
6
Confirmation and Follow-Up
- Receive confirmation from FCC once your application is received.
- Follow-up with FCC for any additional requirements or information needed.
Additional information
Here are additional relevant details for this grant:
- The Young Farmer Loan provides an AgExpert Bundle which includes AgExpert Accounting Premium and AgExpert Field Premium for one year, valued at $499.
- Access to FCC events tailored for farmers under 40 is available as part of the financing package.
- A collection of financial and business planning tools, including a cost of living calculator, loan vs lease calculators, and cash flow planning guides, are provided to assist applicants.
- Opportunities to seek advice and support from FCC Business Advisors for one-on-one transition strategies are available to applicants.
Apply to this program
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