The Ontario government is beefing up the province’s Feeder Cattle Loan Guarantee Program.
In an announcement Monday, the government said available funding for beef farmers under the program – which provides low-interest financing to support the short-term needs and long-term growth of feeder cattle co-operatives and their members – will increase to $500 million from the current $240 million.
The government is also doubling the maximum loan a farmer can access and making other changes to better support the industry. The changes include administrative changes that will allow the Ministry of Agriculture, Food and Agribusiness to move funding allocations more easily between feeder co-ops to better meet producer demand, said a provincial release.
Financing for the Loan Guarantee Program is provided by private sector lenders, with the Ontario government guaranteeing the value of 25% of the loans.