fcc

Farm Credit Canada's office in Swift Current

A key announcement by Federal Agriculture Minister Gerry Ritz will help young farmers grow their farming operation.

While in Saskatoon Thursday, Ritz announced a $500-million Young Farmer Loan Program to be delivered by Farm Credit Canada. The new loan offers qualified producers under the age of 40 loans of up to $500,000 to purchase or improve farmland and buildings.

"We all recognize the fact that Canadian agriculture farmers and producers are aging," Ritz said. "We need to entice the next generation back to the farm. Certainly, Farm Credit Canada has done an excellent job of that over the years, putting some $6 billion into the hands of young farmers to get them back on the land and in the barns."

Ritz added about 16% of all farmers in Western Canada are in that 18- to 39-year age group FCC is targetting for the program.