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Ontario Feeder Finance Cattle Co-op Program
(May 19, 2006) -
The Feeder Finance Co-op Program in Ontario recently
celebrated 15 years of success. The Program currently has Co-ops in most
beef producing areas of the province and has about 750 members.
What is significant is the activity of the Program over the last 15
years. In this time, the program has supported over 2,500 producers who
have borrowed over half a billion dollars to finance nearly 750,000 head
of feeder cattle. The program now has 19 active Co-ops and maximum loan
limits of $125,000.
Many young producers under the age of 35 have benefited
from the program, and currently almost a quarter of the members were in
this category. Some of the other features for the Program have been very
attractive interest rates (thanks to a Provincial Government Loan
Guarantee), simple application forms, no monthly charges, and loan
payments only when cattle are sold. Given these features, Co-op members
have benefited from enhanced net returns. Also, the mere presence of the
Co-ops has provided negotiating power for all beef producers with
respect to the financing of feeder cattle.
The success of the Feeder Finance Program has been due
to diligent directors and the supervisors and administrators that they
hire to manage the day-to-day activities of the Co-ops. Enhancements
over the years include allowing 2 loans per producer, accommodating farm
raised calves rolled into the program, and movement from mandatory
branding to ear notching and tagging.
Today, representatives from all the Co-ops sit on a
Feeder Finance Committee that continues to review and seek improvements
to the program. To find out more about the Ontario Feeder Cattle Co-op
Program and your local Co-op, check out Programs on the OCA website
www.cattle.guelph.on.ca.
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For more information contact:
Cheryl Russwurm, Provincial Program Supervisor: (519) 367-5587
Jim Martin, Director, Ontario Cattlemen’s Association: (705) 282-1508
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