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; and
•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 this fall.
Since 1990, the Government of Ontario’s loan guarantee has aided roughly $1.53 billion in direct economic activity within the beef cattle industry and saved farmers about $27 million in bank interest costs.
Ontario beef represents farm gate sales revenue of almost $1.4 billion, processing revenue of $3.5 billion, and retail sales of $9 billion annually.
Ontario’s beef industry is responsible for 9,500 jobs in primary production, 9,000 in processing, and almost 43,900 in retail.
There has never been a claim against the government guarantee in the 25-year history of the FCLGP.
Locally, we have the Rainy River Feeder Finance Co-op.
If you are interested in this loan program, contact Joyous Bragg at 482-3948 or via e-mail at joyousbragg@bellnet.ca
You can also visit its website for information and forms at www.rrfeederbreeder.ca
Featured
Fort Frances Times
Local News from Across the Rainy River District
