Farm Loan Board Regulations Updated

Government announced new Farm Loan Board regulations, today, Nov. 30, that will modernize current practises.

“Communities benefit when new and aspiring farmers are able to build on traditional family farming knowledge and practices with modern technology,” said Minister of Agriculture Keith Colwell. “That’s why it’s important we offer financial services that are easy to access and support government’s goal of reducing the regulatory burden on Nova Scotia businesses.”

The Nova Scotia Farm Loan Board has supported the agricultural industry for 86 years by providing financial assistance directly to members of the farming industry. Loans are used to finance the purchase of farm land, construct farm buildings, plant new crop varieties, purchase new efficient equipment, adopt new technology, and purchase existing farms and marketing quotas.

The new regulations offer:

• reduced loan approval wait times through increasing lending limits from $2 million to $5 million
• variable interest rates
• clarified lending options
• streamlined administrative processes
• standardized fee structures
• improved efficiencies

The changes will allow the board to better serve agriculture’s developing and high value sectors and to be more responsive to industry needs.

The changes will come into effect immediately. For more information on the board and the new regulations, visit https://novascotia.ca/farmloan/ .

Changes to the Fisheries and Aquaculture Loan Board regulations will be announced next week.