CARLETON PLACE, ON — The Ontario government is strengthening the province’s beef sector by increasing financing available through the Feeder Cattle Loan Guarantee Program to $500 million. The province is also investing in an industry-led market development program to increase domestic and international sales.
“Our province’s Grow Ontario Strategy commits to strengthening the province’s agriculture and food supply chain and increasing agri-food trade by eight per cent per year,” said Rob Flack, Minister of Agriculture, Food and Agribusiness. “The actions we’re announcing today support both of these goals and will help Ontario’s beef sector capture new opportunities now and in the future.”
The expansion of the Feeder Cattle Loan Guarantee Program will see available funding for beef farmers increase by $240 million to $500 million. The program provides low-interest financing to support the short-term needs and long-term growth of feeder cattle co-operatives and their members. Financing is provided by private sector lenders and the Ontario government guarantees the value of 25 per cent of the loans.
The government is also doubling the maximum loan a farmer can access and making other changes to better support the industry. These 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.