The Ontario government is enhancing support for the beef sector by making more financing available through the Feeder Cattle Loan Guarantee Program and also investing in the Ontario Beef Market Development Program.
Expansion of the Feeder Cattle Loan Guarantee Program will see available funding for beef farmers increase by $240 million to $500 million. 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.
The government is also doubling the maximum loan a farmer can access and making other changes to better support the industry, notes a press release from the Ministry of Agriculture, Food and Agribusiness. These include administrative changes that will allow the Ministry to move funding allocations more easily between feeder co-ops to better meet producer demand.
At the same time, the government is committing $2 million over four years to the Ontario Beef Market Development Program. Funding will be used to support activities that enhance the competitiveness of Ontario products at home and in export markets, support the expansion of existing Ontario beef brands, and help development of new Ontario 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 announcement is good news for beef farmers, says industry stakeholders. “Increasing the government guarantee and the individual loan limits under the Ontario Feeder Cattle Loan Guarantee Program will allow the program to better respond to the escalation in cattle prices, and growing interest from young and beginning farmers, as well as existing farmers who value the program for its reliable access to affordable credit,” says Beef Farmers of Ontario president Craig McLaughlin.
The Ontario Beef Market Development Program was launched in 2019 by the Beef Farmers of Ontario and the Ontario Cattle Feeders’ Association. “We have an outstanding product and are well positioned to increase market share of Ontario beef in many key global markets, and this investment will help augment our market development efforts both domestically and internationally,” notes Ontario Beef Market Development Program director John Baker.
