Manitoba is boosting the maximum amount eligible for the Young Farmer Rebate program to $200,000 from $150,000.
The program provides an annual rebate of up to two per cent on the principal of a loan from the Manitoba Agricultural Services Corporation.
Agriculture Minister Ralph Eichler says one of the government's priorities is to increase the number of young people in the agriculture industry.
“Increasing the young farmer rebate supports our focus on young producers by reducing the cost of borrowing while they grow their operations.”
The program provides an annual rebate of up to two per cent on the principal of a loan from MASC for up to five years.
As a result of the expansion, the lifetime maximum rebate will also increase, to $20,000 from $15,000.
“Agriculture is the backbone of Manitoba’s rural economy, and young farmers are the future of the industry’s growth,” said Jared Munro, president and CEO, MASC. “This enhancement to the Young Farmer Rebate program is expected to provide an additional $500,000 in interest reductions next fiscal year.”
