What projects does the Nova Scotia Farm Loan Board typically lend for?
The Nova Scotia Farm Loan Board typically lends money for long-term assets such as farm acquisitions (i.e. purchasing farms as going concerns), land purchases and building construction and their improvements. However, the Board may lend money for a variety of purposes that are considered to be worthwhile for the sustainable development of rural agri-businesses. The lending industry recommends that loans should be timed for the life of the asset being purchased. In other words operating items such as feed, fuel and cropping expenses should be purchased with short-term “operating” loans of up to a year in length, intermediate items such as tractors and equipment should be financed with intermediate-term money ranging from 5 to 10 years in length and long-term assets such as buildings and land should be financed with long-term money ranging from 10 to 20 years in length. The mandate of the Board is the farming community of Nova Scotia.
