Loan Products
The following summary of loan products for each institution is a summary of their agriculture specific loan products. This information was found on their company website. For more details on an institution’s loan products, see the accompanying link under each summary table.
In addition to the following financial institutions’ loan products; there are also other programs and debt products specific to cattle producers.
Select bank to view products:
Bank of Montreal Products:
Farm Mortgage
| Description |
Term |
Interest Rate |
| For farmland purchase or improving existing operations, reorganizing debt. |
Up to 25 years |
Variable and fixed rates available. |
| Payment Frequency |
Available Loan Amount |
Notes |
| Monthly, quarterly, semi-annually or annually. |
customizable |
Pre-payment option up to 10%. |
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Farm Improvement and Marketing Co-operatives Loans Act (FIMCLA)
| Description |
Term |
Interest Rate |
| Farming assets that qualify under this government program include implements, buildings, additional land, breeding livestock, repairs to buildings and equipment, land improvements, and debt consolidation. |
15 years for land,
10 years for other purchases. |
Variable and fixed rates available. |
| Payment Frequency |
Available Loan Amount |
Notes |
| Generally made monthly but can be extended to yearly. |
customizable |
Government administration fees. |
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Farm Equipment Line of Credit
| Description |
Term |
Interest Rate |
| Pre-approved line of credit separate from general operating line. |
customizable |
Variable and fixed rates available. |
| Payment Frequency |
Available Loan Amount |
Notes |
| customizable |
customizable |
|
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