Lending mandate changes to provide funding access for more farmers
Changes to the eligibility criteria for the credit services available through the Manitoba Agricultural Services Corporation (MASC) means more producers can access loans and the funding they need to manage their farming operations. This announcement was made by Agriculture, Food and Rural Initiatives Minister Ron Kostyshyn.
“These new measures are the result of our strategic planning consultations with producers and producer groups,” said Kostyshyn. “By removing a number of the eligibility restrictions and increasing the maximum loan amount, MASC will improve its service to Manitoba farmers. The changes will help more farmers access long-term, fixed-rate financing and initiatives for young farmers that MASC currently offers.”
As part of its overall plan to expand its services, MASC has introduced several changes in its lending policy:
• the limits on net worth and off-farm income have been eliminated;
• the maximum loan limit has been increased to $2 million for all applicants, up from $900,000 for individuals and $1.8 million for corporations and partnerships;
• financing of new or used farm equipment has been made eligible for loans; and
• the maximum loan limit for on-farm housing has been eliminated.
Removing the eligibility restrictions means all farmers will be treated equitably and young farmers will have greater access to the credit necessary to buy into or take over the family farm, said Kostyshyn, adding higher loan limits will provide more support for higher-cost operations such as dairy and poultry farms, and respond to the rising cost of land for all operations.
Information on MASC’s loan programs and other services is available online at www.masc.mb.ca or by calling any local MASC office.
“These changes respond to advances in the agriculture industry and the evolving needs of today’s producers, many of whom are younger with ambitions to expand and grow their operations,” said Kostyshyn.
