Agriculture Minister Keith Colwell says the changes expand the eligibility criteria for the program.
The province says more than one child in a family can now apply for the program provided each child operates their own farm entity as a separate and unique business.
It says new farmers may also be eligible when they purchase farmland.
The program reduces borrowing costs for farmers, with up to $30,000 in benefits assigned to interest on a farmer's loan from the Nova Scotia Farm Loan Board.
The program will make available $574,000 to applicants in 2015-16.