 |
 |
Manure Management Loans
Faced with new environmental regulations, hog producers can benefit from the Manure Management Financial Assistance Program (MMFAP, administered by MAFRI), which provides a funding grant to hog operations for the repair and construction of strong and safe manure storage and treatment structures. Small hog operations are eligible for manure storage construction, while all hog operations are eligible for treatment assistance.
MASC's Manure Management Loans provide eligible hog producers with bridge financing until they receive MAFRI's MMFAP grant. The Manure Management Loan may be used for engineering and construction costs associated with manure storage (new construction and repairs/improvements to existing facilities), as well as construction of new treatment projects, as approved under the MMFAP program.
- Features
- Eligibility
- Details
- Contact
- Links
Program Features
MASC's Manure Management Loans are designed to finance the engineering and construction of new manure storage facilities, repair or improvement of existing storage facilities, and the engineering and construction of new treatment projects.
Once the project has been approved by MMFAP administrators, an eligible applicant can begin paying for the project's construction from the MML financing. During this construction period (maximum of two years), the MML borrower will make interest-only payments.
When the project is completed, the MML borrower is required to assign the full MMFAP grant to MASC, which will be applied to the loan. The outstanding balance will then be re-amortized over the remainder of the loan's {program_details::max_term}-year term.
Eligibility
Individuals, partnerships, corporations and cooperatives are eligible for the MML, provided the project requiring financial assistance has been previously approved by MMFAP administrators.
Individual Eligibility
Individual applicants for the MML program must be:
- 18 years old or older, and
- a resident of Manitoba and a Canadian citizen (or lawfully admitted to Canada for permanent residency).
Corporate Eligibility
Eligible corporations must have:
- shares that can be held by individuals, corporations, partnerships and/or cooperatives, and
- the votes and the rights to the net assets of the corporation held by shareholders meeting the eligibility criteria for individuals.
Eligibility of Partnerships and Cooperatives
Eligible partnerships and cooperatives must have the votes and rights to net assets held by shareholders or members meeting the eligibility criteria for individuals.
Program Details
Loan Maximum
Manure Management Loans are available for up to the full cost of an MMFAP-approved project, usually not exceeding ${max_loan} for eligible individuals, corporations, partnerships and cooperatives.
Interest Rate
Interest rates for MMLs are set at MASC's prevailing {program_details::max_term}-year rate. During the construction phase (maximum of 2 years), borrows make interest-only payments.
See MASC Lending Rates for the latest rates, or estimate your loan payments with the MASC Loan Calculator.
Young Farmer Rebate
The Young Farmer Rebate (YFR) is available on MMLs for eligible individuals. Once the MMFAP grant has been deducted from the total MML balance, the YFR is calculated based on the outstanding remainder.
The YFR begins once the MMFAP grant has been applied to the loan, and is calculated based on the net residual amount owing.
Repayment
The maximum loan term for this program is {program_details::max_term} years, with monthly, quarterly and semi-annual payment options available.
Security
MML borrowers are required to assign MMFAP grants to MASC. After the full amount of the grant has been applied to the loan, any outstanding balance will be reamortized over the remainder of the {program_details::max_term}-year term. Real property, General Security Agreements and promissary notes may also be used as forms of security.
Contact
For more information about MASC's Manure Management Loan, contact your local MASC Lending Representative. For more information about the Manure Management Financial Assistance Program, contact:
Clay Sawka, M. Sc.
Nutrient Management Specialist
Manitoba Agriculture, Food and Rural Initiatives
(204) 750-3066
Related MASC Links |
External Links |
