FLOCK OR HERD EXPANSION LOANS

For sheep or goat producers wanting to expand their flock or herd, the Expansion Loan product provides affordable financing with flexible terms. Whether you are new to the industry, or have generations of experience, this loan provides funding for the purchase of breeding animals (ewes and rams or nannies and billies), but cannot be used for other productions expenses. The term on the Expansion Loan is 5 years and the interest rate may be fixed for the entire term of the loan.

The Expansion Loan may be used as a stand alone financing tool, or be used in conjunction with an Innovation Loan.

CONDITIONS:

• A minimum loan amount of $35,000 with the maximum loan amount based on credit worthiness of the borrower.
• Maximum five-year maturity date.
• Proceeds may only be used for the purchase of breeding animals and may not be used for other operating expenses.
• Prospective borrowers must demonstrate their ability to successfully produce sheep in a production setting which may include the establishment of a mentor relationship, participation in educational programming for sheep, and financial management and the development of a marketing plan for the enterprise.

INFORMATION REQUIRED:

• Completed and signed loan application.
• Past 3 years tax returns.
• 3 years of financial statements (most current one no more than 90 days old), with all copies signed and dated.
• Projected cash flow statements for two years.
• Copy of each applicant’s driver’s license.
• Check for the $100 non-refundable application fee.

APPLICATION FEE:

A $100 non-refundable application fee will need to be included with any signed application for it to be considered. In addition, the applicant must also be aware they may be responsible for direct costs associated with verification of information if the application is accepted.