|
As we
pass the 20th Anniversary mark since the first Order in Council was
signed by Mr. Elmer Buchanan, Ontario Minister of Agriculture and Food,
the program has seen over 1.25 million cattle purchased by an impressive
3,000 members. The program has become an acceptable form of lending in
the beef industry. From a national perspective, Ontario ranks second
following Alberta, with over 103,000 head purchased through the Feeder
Cattle Program in 2009 and comparable figures are expected for 2010.
With
the support of the Ontario Cattlemen’s Association, the Co-ops were the
first in Canada to deliver the $100,000 interest free component of the
Advance Payment Program for livestock. This has been a win-win situation
for everyone. The Co-ops have attracted new members and the Federal
government has paid out over $1.7 million in interest on behalf of
Feeder Finance members in the last three years.
Through the years there have been various modifications to the program,
but the principals remain the same. The Board of Directors approve
members and their purchase requirements, a 5% assurance deposit is
required and cattle are bought and sold in the name of the Co-operative.
Currently members can borrow up to $250,000. The program has been a
viable option for young producers wanting to be in the beef industry.
Over the years approximately 22% of the membership has been under 35
years of age. |
