Carleton Place, Ont. – The Beef Farmers of Ontario (BFO) is extremely appreciative of the Government of Ontario’s swift response in implementing enhancements to the Feeder Cattle Loan Guarantee Program to ensure beef farmers have reliable access to affordable credit, as well as their investment in our Ontario Beef Market Development Program to help increase the demand for Ontario beef in domestic and international markets. The announcement was made this morning at beef farm in eastern Ontario by Rob Flack, Ontario’s Minister of Agriculture, Food and Agribusiness and MPP John Jordan, Parliamentary Assistant to the Minister of Agriculture, Food and Agribusiness.
As announced today, the provincial government guarantee under the Feeder Cattle Loan Guarantee Program will increase from $65 million to $125 million, which will allow total program lending to grow to $500 million. In addition, loan limits for individuals and corporations will be doubled. These much-needed changes will allow farmers to respond to the escalation in cattle prices, make new investments, and ultimately contribute to our sector’s ability to maintain a sufficient supply of Ontario beef for the marketplace.
“Forty-one per cent of the members in the Feeder Cattle Loan Guarantee Program are under the age of forty,” says Craig McLaughlin, BFO President. “Having a reliable source of credit at affordable rates through this program make it attractive to new and beginning farmers who are often challenged to secure competitive loan rates privately. This program is one tool we rely on to help grow our sector and it’s important it continues to respond to the needs of farmers and the financial realities of beef farming.”
Minister Flack also announced the province’s investment of $2 million over four years in our industry-led Ontario Beef Market Development Program. The funding will be used to augment the work we have been doing since 2019 to develop new brands and markets for Ontario beef both domestically and around the world.