“The biggest difference between the
Nova Scotia Farm Loan Board
and other lenders is the products they offer are better suited
to agriculture - they understand agriculture.”
- Michael Lightfoot, Kings County, NS

“Farms have high and low points
and the lender has to be there through everything.
The Nova Scotia Farm Loan Board
is like a partner in the farm.”
- George deVries, Colchester, NS

“I feel safe with the
Nova Scotia Farm Loan Board,
unlike a commercial bank.”
- George deVries, Colchester, NS

“They get to know you and your business;
see it first hand and understand your challenges.”
- Ian Tuttle/Ruth Tuttle, Cumberland County, NS

“The Nova Scotia Farm Loan Board
has given me the tools I need to be successful.”
- Luke denHaan, Annapolis Valley, NS

“The Nova Scotia Farm Loan Board
knows farming.”
- George deVries, Colchester, NS

Nova Scotia Farm Loan Board

Lending Products

We can help improve the viability of farm operations in Nova Scotia.

The Farm Debt Consolidator

Purpose

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. This is another popular loan provided by the NSFLB. It is normally implemented when cash flow demand outstrips supply. This loan can be a signal to the farmer that it is time to re-think the plan. New plans require some time to develop and implement. The "Consolidator" provides our clients with that time to re-think and plan.

Profile

The Consolidator can be a very useful financial tool, but restructuring debt can be a difficult sell to a financial institution and one that most lenders do not like to hear about, as it can carry some very negative operational indicators. Terming out short-term debt (1 year or less) over a longer period of time (5 years or more) is never a good idea, but on some occasions it is necessary.

A NSFLB Loan Officer can help clients make the right decisions when it comes to prioritizing what should be included in consolidation, e.g. the amortization period, repayment schedule, and, most importantly, how to ensure the situation is not repeated.

The good news is that the NSFLB will consider using the "Consolidator" and will advance credit in difficult situations, if a viable plan can be developed.

Security

Loan to Value not to exceed 70%

The Consolidator will be real estate based, supplemented by all other typical forms of security such as a General Security Agreement (GSA) and corporate and personal guarantees. On occasion the Board NSFLB may wish to go beyond the farm for additional personal security.

The security may take the form of a Collateral Mortgage, Continuing Collateral Mortgage, or existing Agreement of Sale.


Making Payments

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.


Other Products

  • Life Insurance

    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 Farm Mortgage

    Fixed rate interest for the full amortization period, from 1-30 years.

  • Term Farm Mortgage

    Term rate financing for 3-5-10 Term Options with 1-30 year amortizations.

  • The Quota Loan

    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

    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.

  • Deferred Product Options

    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.

  • The “Jump Start” Program

    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.

  • “Fast Tracktor” - Equipment Financing

    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.

Nova Scotia Farm Loan Board
Nova Scotia Farm Loan Board
Truro - Head Office

74 Research Drive
Bible Hill, NS B6L 2R2

Tel: 902-893-6506
Fax: 902-895-7693

Kentville - Field Office

Kentville Agricultural Centre
32 Main Street
Kentville, Nova Scotia, B4N 1J5

Tel: 902-679-6009
Fax: 902-679-4997