BMO Bank of Montreal announced on Sept. 11 a new loan program for Canadian farmers 35 years of age or younger. The BMO Young Farmer Program aims to support both young Canadians who are already in the agriculture industry and those looking to choose farming as a career path.
"We're watching a demographic shift unfold in the agriculture industry, and we see a need for programs and incentives to attract and support younger Canadians into the sector," said Adam Vervoort, Head, Agriculture Financing, BMO Bank of Montreal. "Canada is a leader in the agriculture industry, with revenue of $61 billion in 2017. With external pressures like weather changes and trade having an impact, we need to do more to ensure that this sector stays competitive for both established farmers and the next generation."
Vervoort says the BMO Young Farmer Program is designed to provide higher advance rates to invest in equipment, new technologies, or the overall infrastructure of a farm operation. “The program also helps young farmers keep more money in their pockets by eliminating annual review fees,” adds the bank.