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Expansion of Ontario Feeder Cattle
Loan Guarantee Program Welcomed by Cattle Groups
For Immediate Release
June 15, 2006 (Guelph) -
Members of the Ontario Feeder Cattle Co-op Program are
pleased with the news that the Ontario Ministry of Agriculture, Food and
Rural Affairs (OMAFRA) has made official amendments to the Feeder Cattle
Loan Guarantee Program (FCLGP). The changes, announced in a letter dated
June 12, include an increase on a) loan limits and b) number of loans
available under the program.
Feeder Finance Co-ops will now be able to make loans up
to $250,000 per member providing they meet eligibility requirements.
This doubles the amount that members could previously qualify for. The
increase addresses a priority need of the industry and reflects
inflationary changes that have occurred since the inception of the
program fifteen years ago. Also, to provide better marketing options and
feeding regimes, members can now have up to 4 groups of cattle on the
program compared to 2 in the past.
Doug Hayes of Lions Head is President of the Committee,
and welcomes the improvements to the program. “It’s a very positive
boost to the local co-ops and the beef industry. This will provide
enhanced borrowing for the members as operations have become larger and
cattle prices have increased over the years.”
For several years, OCA and the Feeder Finance Committee
representing 19 Co-ops from across the province have lobbied the
Ministry for these changes. The announcement also included some minor
amendments to the program that will provide Co-ops with further guidance
on insurance and security interests.
For more information on the program and Co-ops in your
area visit the OCA Web site, at
www.cattle.guelph.on.ca.
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For more information contact:
Cheryl Russwurm, Provincial Supervisor: (519) 367-5587
Lianne Appleby, Ontario Cattlemen’s Association: (519) 824-0334
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