Alberta - Apply for Canadian Agricultural Loans Act Program

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Procedure

Apply In-Person:

1. To apply for Canadian Agricultural Loans Act Program in person, the applicant should visit any nearest lender organization.
2. Some of the lender organizations and their contact links can be found in the following Contact link
3. The applicant can also contact the Financial Guarantee Programs Division to apply for the program Contact link
4. The applicant has to contact the office as applicable and inform that they want to apply for Canadian Agricultural Loans Act Program.
5. The staff at the office may require the applicant to visit the office to complete the application process.
6. Make sure that all the documents listed in the “Required Documents” section of this page, are available while visiting the office.
7. The applicant has to follow the instructions of the official to complete the application process.
8. The staff will provide the application form to be completed by the applicant. The applicant has to complete it with the required details.
9. After completing, the required documents (if any) should be attached with the form and submitted to the staff.
10. The applicant has to pay the registration fees to the "Receiver General for Canada". Additionally, the lender may also charge administration fees with respect to the loan amount.
11. Complete fees details can be found in the “Fees” section of this page.
12. On receipt of the application, the lender organization will take necessary steps to register it with the Canadian Agricultural Loans Act Program.
13. Within 15 business days, the department will register the loan and the applicant will be contacted through phone number or email regarding the decision.

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Required Documents

• Completed application form
• Incorporation Certificate
• Proof of Partnership
• Document of Insurance/Security
• Production/Sales Report
• Guarantor Certificate (if applicable)
• Guarantee Letter (if applicable)
• Liability Agreement
• Any supporting document (as instructed)

Note: List of required documents may vary according to the lender organization.

Office Locations & Contacts

Agriculture and Agri-Food Canada,
Canadian Agricultural Loans Act,
Financial Guarantee Programs Division,
1341, Baseline Road, Tower 7,
Ottawa, ON K1A 0C5
Email: [email protected]
Toll Free Number: 1-866-367-8506
TDD/TTY: 613-773-2600
Website link
Contact link
Canadian Agricultural Loans Act Program Contact link

Eligibility

• Any individual, partnership, corporation or a co-operative association that is already involved or about to involve in farming business, can apply.
• The applicant can be an existing or a beginning (that is, less than 6 years of farming) or a start-up farmer.
• Any farmer who is taking over the family farm and part-time farmers can also apply.
• Agricultural co-operatives with a majority (50%+1) farmer membership, can also apply.

Reference Eligibility

Fees

• The applicant has to pay a percentage of 0.85 from the total amount of the loan as registration fees to the "Receiver General for Canada" at the time of loan registration.
• An administration fee may also be charged by the lender. For loans up to $250,000, the administration fee is capped at 0.25% of the amount of the loan (to a maximum of $250). For loans over $250,000, the administration fee is capped at 0.1% of the amount of the loan.

Validity

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e.g. Birth Certificate Valid Forever

Documents to Use

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Sample Documents

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Processing Time

• The application processing takes place for 15 business days.

Related Videos

Videos explaining the procedure or to fill the applications.
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e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• The applicants should complete the application form with all mandatory details provided with absolute legibility.
• The applicants are advised to attach all the required documents without any insufficiency, to avoid rejections and delay in processing.

Required Information

• Canada Revenue Agency number
• Full name of the contact person
• Physical and mailing address
• Names and addresses of the Shareholders, members and partners
• Contact number and Date of Birth
• Agricultural products
• Names of the administrators
• Other relevant details

Need for the Document

• Canadian Agricultural Loans Act Program assists Canadian farmers who are in need of financial support to establish, improve, and develop their farms. It also enhances the availability of loans to agricultural co-operatives that need money for processing, distributing, or marketing its agricultural products.
• So, the people who are in need of money for the above-mentioned purposes should apply formally for obtaining the benefits.

Information which might help

• Interest to be paid on a floating rate is a maximum of the lender's prime rate plus 1%. Interest to be paid on a fixed term rate is a maximum of the lender's residential mortgage rate, for a comparable term, plus 1%.
• The maximum repayment terms are 15 years for land purchases and 10 years for all other purposes.
• Lenders may amortize loans for longer than 15 years provided a balloon payment is scheduled for the loan at the end of the 15-year period. The remaining loan amount could then be refinanced under the Canadian Agricultural Loans Act (CALA) for a further 10 years.

Reference Overview

Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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