CARLETON PLACE – Beef Farmers of Ontario (BFO) officials are extremely appreciative of the Government of Ontario’s swift response in implementing enhancements to the Feeder Cattle Loan Guarantee Program.
Officials say the changes will ensure beef farmers have reliable access to affordable credit as well as their investment in the Ontario Beef Market Development Program to help increase the demand for Ontario beef in domestic and international markets.
The announcement was made at a beef farm in eastern Ontario by Rob Flack, Ontario’s Minister of Agriculture, Food and Agribusiness, and his parliamentary assistant MPP John Jordan.
As announced the provincial government’s 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 40,” said BFO president Craig McLaughlin.
“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.”
Flack also announced the province’s investment of $2 million over four years in the industry-led Ontario Beef Market Development Program.
The funding will be used to augment the work being done since 2019 to develop new brands and markets for Ontario beef both domestically and around the world.
“Since the launch of our market development program, we’ve made significant strides in improving market share for Ontario beef, as well as experienced a decline in beef imports coming into the province,” said Ontario Beef Market Development Program director John Baker.
“The funding from the province will be directed to our participation in events and trade missions, both of which are valuable tools to help us connect … in our priority export markets.”
