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Bridging Generations Initiative
One of MASC's primary lending objectives is to assist the lifeblood and the future of Manitoba's agricultural industry - the young farmers of Manitoba. In support of their efforts, the Bridging Generations Initiative provides young farmers with financial incentives, valuable training opportunities, and customized terms and payment options.
The Bridging Generations Initiative (BGI) was introduced in 2002 as a 5-year pilot project, then aimed to assist in the transfer of farm assets between young farmers and retiring producers. In 2007, the BGI was expanded and made a permanent program of MASC Lending.
The BGI now consists of several components that are designed to target the needs of young farmers. These include:
- Young Farmer Rebate (YFR): eases the costs of borrowing during the critical start-up stage of an operation. For the first 5 years of the loan, a young farmer can receive an annual rebate on the loan's principal.
- Management Training Credit (MTC): encourages education and learning opportunities in the area of farm management, and allows a young farmer to earn credit on the principal of an MASC loan.
- Bridging Generations Mortgage Guarantee: assists young farmers to buy operations from retiring producers by guaranteeing the mortgage payments agreed to by the buyer and seller.
- Flexible Financing: allows a young farmer to opt for a reduced down payment (90% financing), or for 5 years of interest-only payments.
For more information about the Bridging Generations Initiative, please contact your local MASC Lending Representative.
