We can help improve the viability of farm operations in Nova Scotia.
The Fast Tracktor authorization is an equipment purchasing loan. The loan option provides an equipment loan for clients requiring new or used equipment to sustain their operation. This loan product is designed to make the buying decision easier and to allow clients to take advantage of opportunity buys, such as manufacturer sales or auction events.
The preapproved product is set up and individual draws are then termed out for a period that matches the life expectancy of the individual piece(s) of equipment purchased. The equipment loan eventually ends up as a number of term loans with scheduled principal and interest payments. No new loan application would be required with the set up of the scheduled term repayment plan. When the Fast Tracktor authorization is fully utilized a new application would be required to renew the equipment line.
The Fast Tracktor will take the pressure off the buying decision and last minute financing arrangements
The product is designed primarily for existing NSFLB clients who have real estate mortgages currently in place with the Board; or new clients who are willing to provide the Board with real estate security in addition to the purchased equipment.
The repayment plan will be determined at the time that the draw transitions from a loan to a term equipment loan. The client will have the choice of monthly, semi-annual or annual payments.
The amortization will depend on the life expectancy of the equipment. Normally equipment amortizations wouldn't exceed 10 years.
Fixed term interest rates may be applicable in certain cases depending on risk rating score and security available.
Loan to Value not to exceed 70%
The Fast Tracktor line of credit would be secured by real estate; quota; equipment and applicable personal and corporate guarantees. The security may take the form of a Collateral Mortgage, Continuing Collateral Mortgage or General Security Agreement.
Payments may be made by cash, cheque, or electronic funds transfer, in person or by delivery to our offices in Truro or Kentville.
If you wish to be set up for Electronic Funds Transfer (Pre-authorized Debit) complete the Payment Authorization form, attach a void cheque, and deliver or fax it to us. Our fax number is 902-895-7693.
Life Insurance is available to most clients and is a requirement of your loan. Life insurance may be obtained through the Board's Creditor Group Life Insurance policy with Sun Life Assurance, or privately.
Fixed rate interest for the full amortization period, from 1-30 years.
Term rate financing for 3-5-10 Term Options with 1-30 year amortizations.
The Quota Loan is for buying milk quota, egg quota, broiler quota, and turkey quota. Clients know that to grow production and keep a farm moving into the future, it takes a big roll of cash.
The Farm Debt Consolidator is used as a cleanup tool for short-term payables, stagnant operating debt, medium term loans, and restructuring of long-term debt with other lenders.
A deferred loan structure has been developed for general cash flow situations that require a principal deferment to help a farm manage its cash situation.
Jump Start program is designed for new entrant farmers. In combination with the Provincial FarmNext plan this program can give a new farmer a real boost to get his or her farm life off to a great start.
The Fast Tracktor loan authorization is an equipment purchasing line of credit. The loan option provides a preapproved equipment line of credit for clients requiring new or used equipment to sustain their operation.