Can anyone share their experience in applying and being approved for the Young Farmer Loan through Farm Credit Canada? What do they require? I am looking to purchase a 10% equity stake in a farm that is owned by another person, giving me the opportunity to farm the land and live on site.
Nice to see you on the forum Tyler!
I never used that program because when my partner and I were starting up our farm, FCC wouldn’t even talk to us (well we did get a meeting, to be fair, but they had nothing to offer). It was rather off-putting how an organization geared towards farming has no experience (or interest) in supporting small-scale farmers. This was 6 years ago so I’m not sure if things have changed since then, so it’s worth looking into it.
However, we ended up getting a loan from the Middlesex Business Help Centre (www.thebusinesshelpcentre.ca) after presenting them with our business plan and they were incredibly fair, easy and pleasant to deal with. They loaned us money through the Sand Plains Community Development Fund (http://sandplains.ca/).
I’m happy to chat with you about that next time I see you.
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Thanks for the info Dennis! I have reached out twice now to the FCC and so far, my experience send to be similar to yours. I will definitely look into the organization you mentioned. I would love to talk more about it with you.