Keystone Agricultural Producers welcomes the changes to Manitoba Agricultural Services Corporation’s lending practices announced yesterday by Agriculture, Food and Rural Initiatives Minister Ron Kostyshyn.
“I understand that the maximum loan limit has increased to $2 million for all applicants, and that farmers can now take out loans for farm equipment,” said KAP president Doug Chorney. “This reflects an understanding by the minister that the costs of farming continue to increase right across the board.”
Chorney also welcomes the increase in loan eligibility through the removal of limits on net worth and off-farm income.
“KAP has been asking for changes that provide farmers with increased access to stable, long-term financing – and we are satisfied that Minister Kostyshyn has listened,” he said.
Chorney said the changes will especially help those in high-investment livestock sectors, as well as young and beginning farmers.
“It’s the next generation – those now looking to take over the family farm or start their own farming businesses – who will maintain the vitality of agriculture in Manitoba,” he noted.
“The agriculture industry, which starts with primary production on the farm, is responsible for an estimated one-in-eight jobs in the province.”
