Agriculture Minister Lawrence MacAulay announced changes to Farm Credit Canada’s Young Farmer Loan program in Ottawa on Wednesday.
FCC will double the amount of credit available to individual farmers under the age of 40 — raising the maximum to $1 million from $500,000, said the minister.
The ag lender will also lower the minimum down-payment to 20 percent of the value of a loan for the purchase or improvement of farmland and buildings.
FCC added $500 million to the young farmer loan program in March of this year. Originally launched in 2012, almost 6,000 loans worth more than $1.3 billion were approved through the program as of Dec. 31, 2015.
MacAulay shared the news in a joint announcement that also included a $780,040 federal funding commitment for the upcoming Global 4-H Network Summit (more on this to come — hear from Summit chair Jen Christie here.)