Friday, August 29, 2014

FCC boosts funding for young farmers

Farm Credit Canada is boosting its fund for young farmers by another $500 million to a new total of $1.5 billion.

Under the program that began in 2012 with $500 million, farmers 40 and younger can borrow up to $500,000 to buy or improve land and buildings.

The interest rates can be variable at half a per cent above prime or a special fixed rate. There are no loan-processing fees.

So far the FCC has loaned more than $861 million under the program.

What's so magic about people 40 years and younger? You might want to ask your MP since taxpayers are ultimately on the hook if the FCC is bankrupted.