On Wednesday, Federal Agriculture Minister Lawrence MacAulay announced a new Farm Credit Canada (FCC) starter loan program.

The loans will offer special rates and no fees for farmers or entrepreneurs between the ages of 18 and 25.

MacAulay made the announcement at the Canadian Federation of Agriculture AGM in Ottawa.

"There are now more young farmers under the age of 35 than there has been for the last quarter of a century and over the next decade 114,000 jobs will open up in this industry," he said. "To be a farmer today you'll have to be innovative and educated. It's so good to see young people so passionate about agriculture, we certainly need that. But to fulfill their dreams, they also need capital."

The new starter loans will offer up to $50,000 to help start and grow an ag-related business.

 

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