New regulations announced for Farm Loan Board

The province has announced new regulations for the Farm Loan Board that aim to modernize current practices.

Minister of Agriculture Keith Colwell says it's important that government offer financial services that are easy to access and reduce the regulatory burden on Nova Scotia businesses.

The new regulations include clarified lending options, variable interest rates, and reduced loan approval wait times through increasing lending limits from $2 million to $5 million.

Government says the changes, which come into effect immediately, will allow the board to better serve agriculture's developing and high value sectors and to be more responsive to industry needs.

Loans are used to finance the purchase of farm land or existing farms, build farm buildings, plant new crops, buy new equipment, and adopt new technology.