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Livestock Loan Support Valued at CAN$90M

by 5m Editor
15 January 2008, at 9:27am

CANADA - Saskatchewan's agriculture ministry has released application forms for its short-term loan programs for livestock producers.

The provincial short-term loan program forms are being mailed directly to all pig farmers registered with the Saskatchewan Pork Development Board.

The loans will comprise advances on verified sales of finished slaughter pigs or weaners from between 1 October 2007 and 2 May 2008.

Rates paid for finishers will be based on 90 per cent of the sum of CAN$140 minus the weekly average price per 100 kg for pigs with an index 108, while advances on weaner sales will be for CAN$10 per pig delivered in any week when the Saskatchewan market price is below CAN$140 per 100 kg.

Eligibility

Any Saskatchewan resident, who is 18 years of age or more, and has sold eligible livestock during the designated period of October 1, 2007, and May 2, 2008 is entitled to apply for a loan. Partnerships, corporations, communal organisations and First Nations bands are also eligible.

The maximum loan is $5 million. The interest rate will be the government's cost of borrowing, currently about 4 per cent. The interest rate will fluctuate as the cost to government fluctuates.

Producers who have CAIS overpayments may also participate in the loan program. Although those with outstanding debts to the province, must have satisfactory arrangements in place for them to participate in the loan programs.

Agriculture Minister Bob Bjornerud said the programs, for both pig and cattle farmers are estimated to provide $90 million in support and will help producers through this current price downturn.

The deadline for completed applications for the hog program is 10 June 2008.

Further information on the loan scheme and eligibility criteria can be found on the Government of Saskatchewan website

5m Editor