More Ontario farmers will now be able to expand their farms with increased access to low-interest loans for buying cattle and growing herds. Through the Feeder Cattle Loan Guarantee Program, Ontario is increasing the amount of support available to farmers from $80 million to $130 million.
Toronto - Aug. 5, 2011 - More Ontario farmers will now be able to expand their farms with increased access to low-interest loans for buying cattle and growing herds.
Through the Feeder Cattle Loan Guarantee Program, Ontario is increasing the amount of support available to farmers from $80 million to $130 million. This will allow more farmers, including new farmers, to get loans to buy feeder cattle and have improved access to competitive interest rates. New farmers can receive up to $50,000 for cattle purchases and established farmers can receive up to $250,000.
A strong agri-food industry is part of the McGuinty government’s plan to create jobs and opportunities that will grow the province's economy.
"The changes we have made to this important and effective program will provide the support the beef industry needs to grow and expand, helping strengthen the economy and create jobs. When we support our farmers, we ensure Ontario families continue to enjoy healthy local food,” said Carol Mitchell, Minister of Agriculture, Food and Rural Affairs.
“The increase of funding to the Feeder Cattle Loan Guarantee Program will ensure continued support for the cattle feeder sector in the province. This program has been a successful venture for over 20 years and this support will provide our young farmers with the resources to establish themselves in the Ontario beef industry,” said Curtis Royal, President, Ontario Cattlemen’s Association.
QUICK FACTS
Applications for the Feeder Cattle Loan Guarantee Program are accepted year-round.
There are 19 feeder cattle coops in Ontario, each governed by their own board of directors. Each year, approximately 800 farmers access short-term loans for cattle purchases from the Feeder Cattle Loan Guarantee Program.
The McGuinty government has recently expanded coverage for cattle farmers and licensed dealers through the Ontario Beef Cattle Financial Protection Program and has brought payment requirements in line with current banking practices.
In June, Ontario had an increase of more than 40,000 jobs and the unemployment rate declined to 7.7 percent.
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