FCC offers higher loan limits for young farmers

Young farmers under the age of 40 are getting expanded financing opportunities from Farm Credit Canada.

The federal agency says the maximum loan amount for young farmers and young food business owners is rising from one million to $1.5-million.

Lending products and sustainability director Curtis Grainger says it is costing more to run a farm or food related business.

Grainger adds the starter loan is being raised from a limit of $50,000 to $150,000.

In the last two and a half years, FCC has approved over 6,700 loans to young producers and entrepreneurs worth almost $2.1 billion.

 

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