The Ontario government has announced it will be increasing financing available through the Feeder Cattle Loan Guarantee.
The expansion of the Feeder Cattle Loan Guarantee Program will see available funding for beef farmers increase by $240 million to $500 million.
The province says 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.
“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 in a news release. “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 province is also investing $2 million over four years in the Ontario Beef Market Development Program.
“Funding will be used to support activities that enhance the competitiveness of Ontario products at home and beyond our borders, support the expansion of existing Ontario beef brands, and aid in the development of new Ontario beef brands. Eligible activities include participating in trade shows and trade missions and welcoming potential out-of-market buyers to tour Ontario beef farms and processing facilities,” the news release said.
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