The Nova Scotia Government recently added amendments to regulations for the Nova Scotia Farm Loan Board, Nova Scotia Timber Loan Board, and Nova Scotia Fisheries and Aquaculture Loan Board with the goal of offering more flexibility in security requirements for loans and options for lump sum payments and loan deferrals for growing businesses.
Agriculture Minister and Guysborough-Tracadie MLA Greg Morrow. (Communications Nova Scotia photo)
Guysborough Tracadie MLA and Agriculture Minister Greg Morrow said the province made the changes at the request of industry.
Morrow said clients will still go through the normal process of applying for a loan with the various crown lending agencies. Now, if someone has between $5 million and $20 million in loans with one of the crown lending agencies, a new loan can be approved by the minister without having to go though cabinet. Morrow said this will be much quicker while still following due diligence.