$3-million Loan For New Brunswick Producers

by 5m Editor
25 January 2008, at 8:45am

NEW BRUNSWICK - Some of Canad's beleaguered pig industry got a reprieve this week. New Brunswick province granted a $3-million loan program to ease the problems.

“It’s not a handout, it’s a loan. It was pretty much exactly what we asked for," ” said Porc NB Pork Executive Director Gary Stordy speaking in Farm Focus.

The industry is battling against the appreciation of the Canadian dollar, a significant fall in pig prices, and a sharp increase of feed grain and fuel costs. The loan will bridge producer prices up to $1.60/kg and will cover the massive liquidity problems carried over from last year.

The Government said a total of $2.2 million will be available to producers this fiscal year and the remaining $800,000 will be available in 2008-2009.

The money will be available almost immediately “Producers will provide us with tangible paperwork on the number of animals they marketed in October, November and December. We’ll calculate and verify it and send them a loan agreement,”said Stordy.

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5m Editor