Agricultural Credit Corporation – Ginseng Storage Loan Guarantee Pilot Program

ByMaurice

Description:

The Ginseng Storage Loan Guarantee Pilot Program (GSLGPP) is an industry-led pilot loan guarantee program created by the Government of Ontario. It aims to assist the province’s ginseng farmers in sustaining and growing their business.

Comments on Funding:

Funding is a loan of up to a maximum of $1,000,000.
Loan terms and conditions:
1. financing is up to 36 months;
2. the rate for ginseng in storage is set by the Ontario government;
3. loan calculation is related to quantity of ginseng in storage;
4. repayment:
a) as crop is marketed, or by repayment deadline, or upon demand;
b) deadline to repay: march 31st (for the 36-month program).

Eligibility:

Applicants must be:

  • based in Ontario;
  • ginseng farmers;
  • enrolled in AgriStability and own the ginseng inventory.

Applications Steps:

Applicants must call ACC for more information about the program or to process an application at 1-888-278-8807.

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.

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