Young investors in the agriculture retail, manufacturing and food processing sector are to receive a new loan program according to the Minister of Agriculture and Agri-Food Canada, Lawrence MacAulay and Farm Credit Canada.
The new loan program will grant up to $1 million to qualified applicants who are under 40. The fund can be used by investors to improve on agricultural related projects or buy shares in agriculture related investments. This fund serves as an opportunity for young investors to improve on their business and also create more jobs for the younger generation.
According to MacAulay, the Canadian agriculture sector is in urgent need of young investors that have creative and productive thinking which will boost the sector’s development. The FCC is also making funds available to young investors so that they can grow and also increase on their business which will benefit the Canadian population.
The agriculture sector is in need of fresh ideas, passion and energy which can only be provided by young farmers. Hence the FCC is going all out to help young people enter the industry. The new loan program is used to set the foundation of younger investors by helping them achieve their dreams in making Canada the giant in global food supply.
In 2015-16, the FCC introduced a similar loan worth over $2.6 billion which was benefited by young investors below 40. The loan has a 25% minimum down payment criterion, custom variable and five-year fixed rates.
Agriculture is a very vital sector which the federal government is trying to invest in to improve on the sector.