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April 30, 2003
BRIDGING GENERATIONS MARKS FIRST ANNIVERSARY
$14.6 Million in Loans Helping Young Farmers
Agriculture and Food Minister Rosann Wowchuk today announced that a total of $14.6 million in loans has been made available under the Bridging Generations Initiative to help establish a new generation of Manitoba farmers.
"The Bridging Generations Initiative eases the financial burdens of transferring family farms from one generation to the next," said Wowchuk."The fact that we have distributed 123 loans across Manitoba in our first year shows the importance of accessible financing options for young and beginning farmers."
Administered through the Manitoba Agricultural Credit Corporation (MACC), the Bridging Generations Initiative assists young farmers who want to purchase a farm operation while providing retiring farmers with a reliable income. Program options include guarantees for mortgages and land leases as well as livestock purchasing and lifestyle transition loans. Components of the Bridging Generations Initiative can be used to provide a complete financing package.
Qualifying young farmers must be Manitoba residents between the ages of 18 and 39. The maximum for individuals using direct loans is $400,000 and the maximum loan to be guaranteed is $250,000. The average size of loans under this program across Manitoba is $118,000. In addition to the Bridging Generations Initiative, MACC offers participants a variety of support programs. The Management Training Credit, for example, helps farmers increase their farm business management skills by supporting training in skill areas such as business and financial planning, accounting, marketing and labour management.
"The new Operating Credit Guarantee (OCG) program is complementary to our Bridging Generations Initiative and enhances the range of options for farmers by providing affordable financing arrangements for their businesses," said Wowchuk. "These programs demonstrate our commitment to providing Manitoba farmers with the financial options, skills training and other tools vital to the successful management of a modern agricultural operation."
For further information on programs offered by the Manitoba Agriculture Credit Corporation visit the Web site at http://www.gov.mb.ca/agriculture/macc/index.html.
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