As of Oct. 5 Canadian pork producers can start applying for government-backed loans.
The federal government and the Canadian Pork Council are also partnering to deliver $75-million through the Hog Farm Transition Program.
“We’ve worked in lock-step with the Canadian Pork Council to make sure the details of these important programs hit the target for producers at the farm gate,” said Agriculture Minister Gerry Ritz.
“We know the Canadian pork industry can be profitable and that’s why we’re offering government-backed loans to help them weather the current economic storm. But we also know the industry needs to restructure and we’re working with the Canadian Pork Council to deliver funding for those who need to transition to another sector.”
Jean-Pierre Blackburn, Minister of National Revenue and Minister of State (Agriculture), said, “These programs work hand-in-hand and they are flexible to meet producers’ individual needs,” said “In the end, putting Farmers First means letting farmers choose the program that works best for them.” Starting Oct. 5, many financial institutions, including Farm Credit Canada, will be ready to work with pork producers to develop long-term business plans and deliver government-backed loans.
Producers can check www.agr.gc.ca/HILLRP to find out which institutions are currently participating. The commercially based loans will be negotiated for each specific farm operation and based on viable business plans.
By using government-backed loans, Canadian pork producers will have better access to credit and the opportunity to restructure for the long term.
The Canadian Pork Council will have registration forms for the Hog Farm Transition Program available to producers on Oct. 8. The program will be retroactive to April 1, therefore, producers who depopulate their barns prior to applying for the program will still be eligible.
Applications will be based on a tendering process that allows producers to bid for the amount of funding they require to take their barns out of operation for at least three years. Producers will be able to visit the Canadian Pork Council’s web site (www.cpc-ccp.com) for the most up-to-date information and registration forms on Oct. 8.
For more information on these programs, visit: www.agr.gc.ca or call 1-877-842-5601.
