The Canadian Agricultural Loans Act (CALA) is a federal government program designed to finance farm improvements, and fund the processing, distribution and marketing of farm products.
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Individual farmers can receive up to 80% financing (new farmers up to 90% financing) of the asset’s value to a maximum of $500,000 for property assets or up to $350,000 for all other eligible assets.
Eligible assets include land, buildings, construction, machinery, livestock, consolidation, share purchases and crop storage condominiums.
Choose to make payments on a schedule that works for your farm business; monthly, quarterly, semi-annually or annually.
Business Loan Insurance Plan is available (certain conditions may apply†)
RBC administration fee of the lesser of 0.25% of the CALA loan amount or $250 (0.1% if loan exceeds $250,000).
Maximum interest rate on variable rate loans is Prime + 1%; for fixed rate loans the maximum interest rate is the Residential Mortgage Rate + 1%.
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