Next Generation Loan

We finance:

Applicants must meet one of the following eligibility requirements:

• Under 40 at the time of application.
• Applicants who are over 40 years of age at the time of application, must meet the following eligibility requirements:
  • Less than three years farming history,
  • Farm income of less than $10,000 for three of the last five years.
• In the case of joint applications, 20 per cent of members must be Next Generation borrowers.
• In the case of corporation applications, 20 per cent of ownership must be Next Generation borrowers.

Features

• Next Generation Loan offers various terms up to 20 years with a maximum amortization of 35 years
• No annual fees
• Payment schedule to fit your cash flow with an option of up to five years of interest-only payments
• Prepay options available based on the interest term you select

Next Generation Incentive

At the time of application, applicants who qualified for the Next Generation Loan may be eligible for a one per cent interest rate reduction for a maximum of five years on the first term of the loan. The lifetime maximum borrowing for the Next Generation Incentive is $1.5 million per individual.

The Next Generation Incentive cannot be applied to housing, purchasing assets from a spouse or paying out an existing AFSC loan.

To discuss interest rates and lending options, please contact a Relationship Manager Lending.