New program offers low interest loans to young farmers
The Department of Agriculture, in partnership with Finance PEI, is launching a new stream of financing that will aim to help young farmers enter the agriculture industry by increasing purchasing power and reducing barriers to growth.
The Young Farmers Low Interest Loan Program is a new offering under the Farmland Financing Program and is available to new entrants between the ages of 18 to 39, as well as those involved in farmland succession. In addition to land purchase financing, it offers financing on buildings and other structures for agriculture use.
The new financing stream compliments an existing suite of programs tailored to new and young farmers on PEI, including the revamped Future Farmer Program 2.0, and the Next Generation Farming PEI website.
“Helping young farmers purchase higher priced assets at a lower interest rate helps build the future of farming on PEI. By assisting aspiring producers to purchase and create the unique farm that they envision for themselves, we’re also empowering them to make more economically sustainable long-term growth decisions for their farming operation.”
— Deputy Premier and Minister of Agriculture Bloyce Thompson
“Securing the long-term economic success of our Island means continued strategic investments in traditional sectors like agriculture. The new financial support is about creating opportunities for today and tomorrow’s farmers, helping them and us ensure this critical sector’s viability and economic prosperity.”
— Minister of Economic Development, Innovation and Trade Darlene Compton
For program eligibility and application details, visit Farmland Financing and for more information on Next Generation Farming, visit here.
Media contacts:
Kip Ready
Department of Agriculture
kjready@gov.pe.ca
Vicki Tse
Department of Economic Development, Innovation and Trade
vickitse@gov.pe.ca