Changes to a Department of Agriculture funding program will give all new farmers equal access to financial support.
Agriculture Minister Keith Colwell announced today, April 24, that government will increase the benefits available to succession farmers under the FarmNEXT program from $20,000 to $30,000, making them equal to benefits available to start-up farmers.
Under the current FarmNEXT program, succession farmers, people acquiring an existing farm business, have access to less financial support than start-up farmers, people establishing a new farm business.
“These changes are about treating all producers equally,” said Mr. Colwell. “We want to support and encourage anybody who is serious about getting into commercial farming, whether they are starting a new farm business or acquiring an existing operation.”
The FarmNEXT program supports beginning farmers by reducing borrowing costs. Under the program, up to $30,000 in benefits is assigned to interest on the farmer’s loan through the Nova Scotia Farm Loan Board.
FarmNEXT clients also receive coaching in business planning and ongoing farm financial management advice from planning and development officers at the Department of Agriculture.
For more information, visit http://www.novascotia.ca/farmloan .