The Manitoba government, in collaboration with Manitoba Agricultural Services Corporation (MASC), is increasing the maximum amount eligible for the Young Farmer Rebate Program. ralph eichler moyf
Manitoba Ag Minister Ralph Eichler. File photo.
Agriculture Minister Ralph Eichler announced the increase from $150,000 to $200,000 on Monday, day one of the Royal Manitoba Winter Fair in Brandon.
"One of our government's priorities, and one of my personal priorities, is to increase the number of young farmers in the agriculture sector," said Eichler. "Increasing the Young Farmer Rebate supports our focus on young producers by reducing costs while they grow their operations."
According to recent census data, the province says the average age of a Manitoba producer is 53 years old.
The minister added in consolations with industry groups and young producers, it has been noted that assistance for young farmers is critical given the rising costs and changes in farm economics over the past decade.
"It's a lot of output right at the very beginning in order to be able to get in the farming business...certainly we know succession planning is a large part of that as well but this certainly gives them one more tool in the toolbox."
The Young Farmer Rebate Program offers an annual rebate of up to two per cent on the principal of a loan from MASC for up to five years.
As a result of the expansion, the province says the lifetime maximum rebate will also increase from $15,000 to $20,000.
"Agriculture is the backbone of Manitoba’s rural economy, and young farmers are the future of the industry’s growth," said Jared Munro, MASC president and CEO, in a provincial news release. "This enhancement to the Young Farmer Rebate program is expected to provide an additional $500,000 in interest reductions next fiscal year."
In 2017-18, MASC issued 815 direct loans under the Young Farmer Rebate program.
Source : Steinbachonline