SASKATOON – Six months after the launch of a new federal loan program for young farmers, Saskatchewan producers have been approved for the most of any province.
Farm Credit Canada (FCC) has approved more than 800 loans out of a possible $500-million set aside for the country’s up and coming agricultural producers.
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FCC approved 330 of those loans for Saskatchewan farmers, totalling $57.6-million in borrowed funds.
“Young people are a key driver of jobs and economic growth. A strong agriculture industry is vital to the long-term prosperity of the country, so it’s positive to see the interest in this new financing option,” said Agriculture Minister Gerry Ritz.
Ontario-area farmers were approved for the second most with 205 loans.
The Young Farmer Loan is for qualified producers under 40-years-old and can be used to help grow businesses, purchase farms or make land improvements.
The average loan is around $217-thousand with a maximum of $500-thousand.
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