"Fostering a competitive and sustainable beef industry is our number one priority," Matt Bowman, BFO President, said in a release.
Increasing the Ontario government guarantee under the Ontario Feeder Cattle Loan Guarantee Program will certainly support new and existing beef farmers, vital infrastructure across the province, and ensure that we can maintain a consistent supply of high quality beef for our consumers."
The increase in loan guarantees will also allow newcomers to the beef industry to enhance their current operations.
"These improvements mean greater access to a successful program that is providing vital support for our growing beef industry, especially for new beef farmers looking to take the next step in building and expanding their business and herds,” said Ontario Minister of Agriculture, Food and Rural Affairs Jeff Leal in a release.
Minister Leal also noted the loan guarantee program will help Ontario beef producers remain competitive domestically and internationally.