Ontario is more than doubling a provincial loan program to help cattle farmers increase domestic and export sales.
The Feeder Cattle Loan Guarantee Program will jump to $500 million from $240 million, following a provincial announcement on July 29.
Launched in 1990, the program provides farmers with 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 province said it is also doubling the maximum loan a farmer can access and making other changes to better support the industry.
An additional $2 million was simultaneously announced for the Ontario Beef Market Development Program, a joint initiative of the Beef Farmers of Ontario and the Ontario Cattle Feeders’ Association that helps promote Ontario beef to domestic and international markets.
Given out over four years, the funds will be used for activities including participation in tradeshows and trade missions, and welcoming potential out-of-market buyers to tour Ontario beef farms and processing facilities.
According to the province, Ontario has 12,730 beef producers that marketed cattle and calves worth $1.75 billion in farm cash receipts in 2022. The province is the second largest cattle producer in Canada.
