08/23/2013 10:55 EDT | Updated 10/23/2013 05:12 EDT

Nova Scotia to expand loan program in effort to encourage new farmers

HALIFAX - The Nova Scotia government has announced a $400,000 expansion of a loan program for new farmers.

Premier Darrell Dexter says the money to be made available in 2014-15 is meant to help ease the financial burden for farmers entering the business.

The FarmNEXT program is intended to support new farms by helping to reduce borrowing costs.

The new money will make $1 million available through the program next year.

Farmers who are starting out can receive up to $30,000 in benefits while those taking over an existing farm can receive up to $20,000.