PEI

Young farmers get boost from federal government

P.E.I. MP Lawrence MacAulay announces Farm Credit Canada will double the amount of credit available to young farmers to $1 million from $500,000.

Amount farmers can borrow increased to $1M; support for 4-H summit also announced

The federal government, through the Crown corporation Farm Credit Canada, is offering loans of up to $1 million to young farmers to help them get business up and running. (Kotylak family/Facebook)

The federal government is increasing its support for young farmers.

P.E.I. MP Lawrence MacAulay, the minister of Agriculture and Agri-Food, on Wednesday announced Farm Credit Canada will double the amount of credit available to young farmers to $1 million from $500,000.

The minimum down payment will be lowered to 20 per cent of the value of the loan, which supports the purchase or improvement of farmland and buildings that "help new farmers to get their businesses up and running," MacAulay said in a statement.

Global 4-H summit in July

The government will provide $780,040 to 4-H Canada to host the 2017 Global 4-H Network Summit in Ottawa in July, MacAulay said.

4-H Canada is one of the longest running youth development organizations in Canada for youth aged six to 25. The summit will host more than 600 delegates from across Canada and around the world where they will share experiences, develop skills and learn about agriculture.

The investment is being made through the Growing Forward 2, AgriCompetitiveness Program, a five-year, $114.5 million initiative.

Farm Credit Canada is a Crown corporation that reports to Parliament through the Department of Agriculture and Agri-Food.

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