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Province Expands Loan Program For Beef Farmers

on July 10 | in Ag News | by | with No Comments

From a news release

The provincial government is helping to ensure a thriving cattle industry and retaining Ontario jobs, by improving access to guaranteed loans for cattle farmers and increasing their buying power.

The Ontario Ministry of Agriculture Food and Rural Affairs has worked with industry stakeholders to review the Feeder Cattle Loan Guarantee Program (FCLGP), resulting in significant improvements to address changing markets and simplify program access for farmers.

This, along with improvements made last year to double individual lending limits, will allow more farmers access to competitive interest rates, and give new farmers a better start.

The FCLGP was established in 1990 to help farmers access low interest loans, to expand their business and remain competitive.

Improvements to this program include:

Doubling total available Ontario-guaranteed loans from $130 million to $260 million Enhancing program administration to simplify access A new option for custom feeding that will assist new farmers in growing their herd Flexibility for more farmers to participate in accordance with their current business practices.

Farmers can take advantage of the increased loan cap immediately, with other improvements in place by fall 2016.

Since 1990, the government of Ontario’s loan guarantee has aided approximately $1.53 billion in direct economic activity within the beef cattle industry and saved farmers about $27 million in bank interest costs.

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