Manitoba Agricultural Services Corporation

Program Features

 

MASC's regular eligibility criteria associated with net worth cap, off-farm income, and minimum farm operation income have been waived for this loan program. The initial loan disbursement is a combination of actual sales plus forecasted future sales during the eligible period.

The application deadline of {program_details::application_deadline} has already passed. Since a total of ${program_details::total_commitment} has been committed to the Manitoba Hog Assistance Loan Program, loans will be processed in the order that completed applications are received until the ${program_details::total_commitment} commitment has been fully accessed.

For more information, please refer to the Manitoba Hog Assistance Loans factsheet.

Eligibility

 

Eligible Applicants

Applicants must be 18 years of age or older, Manitoba residents and Canadian citizens or lawfully admitted to Canada for permanent residence. For application by a corporation or co-operative, the majority of the shareholders must be Manitoba residents. Partnerships may also apply.

Details

 

Loan Maximum

Producers can borrow ${program_details::max_per_hog} per slaughter hog raised in Manitoba and sold during the eligible period. Also available is ${program_details::max_per_weanling} per weanling weighing up to 40 kg, farrowed and raised by the applicant in Manitoba and sold during the eligible period.

The maximum loan is ${program_details::max_loan}. In multi-capacity borrowing situations, the lending maximum is applied based on the allocation participation of all related parties. The eligible amount will be established as the lower of the eligible based on sales or the eligible amount determined by the net available security.

Interest Rate

Interest rates for the first year are set at {program_details::first_year_interest}% on the first ${program_details::first_year_amount} of the loan and {program_details::remaining_interest}% on any remaining loan amount. Principal payment is deferred. For the second and third years, interest is charged at {program_details::third_year_interest}%. Principal payment is also deferred. The principal and interest payment for the remaining five years will be at {program_details::fifth_year_interest}%. *

* Interest rates on loans of $2,500,000 to $5,000,000 will be set at MASC's eight-year rate for the full term of the loan.

Producers who are under 40 years of age at the time of application will receive a further interest rate reduction of {program_details::young_farmer_reduction}% in the first three years. In the case of corporations or partnerships, the young farmer interest rate reduction will be prorated.

Repayment

Manitoba Hog Assistance Loans have {program_details::max_term}-year terms.

Contact

For more information about your existing Manitoba Hog Assistance Loan, contact your local MASC Lending Office.