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.
CIBC Products:
CIBC Farm Operating Loan
| Description | Term | Interest Rate |
|---|---|---|
| Help to cover day to day farm expenses including, cattle, seed, fertilizer and feed purchases, machinery and building repairs, rent etc. | customizable | Variable and fixed rates available. |
| Payment Frequency | Available Loan Amount | Notes |
|---|---|---|
| customizable | customizable |
Farm Term Loan
| Description | Term | Interest Rate |
|---|---|---|
| Helps to grow farm business allowing for the purchase of equipment, machinery, farm building improvements, quotas and farm debt restructuring. | Maximum 10 years. | - Variable or fixed rate. - Can fix rates for 1 to 5 years during term. |
| Payment Frequency | Available Loan Amount | Notes |
|---|---|---|
| - Monthly, quarterly, semi-annually or annually. - Can be suited to match farm cash flows. |
customizable | - Variable Interest Rate Option: Pre-payments can be made at any time without penalty. - Fixed Interest Rate Option: Repayment can be arranged as ‘principal plus interest’ or ‘blended principal and interest’. - Unless blended, interest payments will be paid monthly. |
Farm Mortgage Loan
| Description | Term | Interest Rate |
|---|---|---|
| Helps to purchase land and buildings, complete building renovations and restructure farm loans. | Up to 20 years | - Variable or fixed rate. - Fixed rate option from 1 to 10 years. - Calculated semi-annually. |
| Payment Frequency | Available Loan Amount | Notes |
|---|---|---|
| Monthly, quarterly, semi-annually or annually. | Minimum $25,000 | - Prepay option allowed at any time on a variable rate. - Prepay of up to 10% of the original principal amount on a fixed rate loan on any anniversary date. - Variable Interest Rate Option: Pre-payments can be made at any time without penalty. - Fixed Interest Rate Option: Repayment can be arranged as ‘principal plus interest’ or ‘blended principal and interest’. - Unless blended, interest payments will be paid monthly. |
CIBC Farm Improvement Loan
| Description | Term | Interest Rate |
|---|---|---|
| Can be used to finance farm equipment and building installation or improvements, purchase additional farmland, breeding stock, etc. | Maximum 15 years for farmland purchase and 10 years for other purchases or improvements. | Variable and fixed rates available. |
| Payment Frequency | Available Loan Amount | Notes |
|---|---|---|
| customizable | Maximum $250,000 | - Provided under federal governments Farm Improvement and Marketing Cooperatives Loans Act - Variable Interest Rate Option: Pre-payments can be made at any time without penalty. - Fixed Interest Rate Option: Repayment can be arranged as ‘principal plus interest’ or ‘blended principal and interest’. - Unless blended, interest payments will be paid monthly. |
