The allowable limits for net worth, off-farm income and farm housing, which were previous capped, have been removed for all applicants:
- Eliminated the net worth cap (was $1.5 million)
- Eliminated the off farm income limit (was $130,000)
- Eliminated the farm housing cap (was $240,000)
MASC increased its lending limits for Direct Loans, Comprehensive Refinancing Loans and Alternate Energy Loans. Eligible individuals, joint farm units, partnerships, corporations and cooperatives can borrow up to $2 million. The borrowing limit for Stocker Loans has increased to $300,000. As well, the guarantee limit for Manitoba Livestock Associations Loan Guarantees was increased to $300,000.
Purchases of new and used agricultural equipment are now eligible purposes of MASC's Direct Loans program.
Renewable interest terms are now available for 1, 2, 3, 4 and 5-year terms on loans to purchase long-term assets or breeding livestock. At the end of the selected term, the borrower can renew for another short-term or select a fixed long-term rate. Fixed interest rates for up to 25 years are still available with no prepayment penalties.
To reflect inflation and increased housing costs, the maximum loan amount that can be used for the purchase, construction or renovation of farm housing has increased to $240,000.
MASC clients can benefit from General Purpose Mortgages, which will expedite the approval turnaround times on loans for existing clients. With this multi-draw mortgage, clients can borrow up to 80% (90% for young farmers) of the market value of their collateral, and are allowed to subsequently borrow up to this amount without new security registrations or associated legal costs.
Eligible applicants of the Comprehensive Refinancing program can now select any MASC fixed term at the posted rate for that term.
Sheep are now eligible for Stocker Loans.