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26-03 - Breeder Finance Program - Government Guarantee
Advocating for a government-backed Breeder Cattle Loan Guarantee Program, modeled after the proven and successful Ontario Feeder Cattle Loan Guarantee Program, continues to be a top priority for BFO. A provincial loan guarantee would help lenders offer more competitive financing, making it easier for farmers to purchase breeder cattle, grow their cow herds and expand their operations. It would also help create opportunities for new and young beef farmers to enter the industry and build sustainable, viable operations.
At our Queen’s Park BBQ in May, BFO held 29 meetings, including meetings with Premier Ford, eight Ministers including Minister Jones who has been supportive of our request, opposition party leaders and MPPs from all parties. In each meeting, our top priority was advocating for a government guarantee for the Ontario Beef Breeder Co-operative Program to improve access to affordable financing and support growth in Ontario’s cow-calf sector.
We continue to work with staff at the Ministry of Agriculture, Food and Agribusiness on the potential program parameters. We have also met with lenders involved in both the Ontario Beef Breeder Co-operative Program and the Ontario Feeder Cattle Loan Guarantee Program, as well as representatives of the Ontario Beef Breeder Co-operatives, to discuss potential program requirements and keep them apprised of progress to date.
We will continue to advocate for this initiative and will be sure to keep our members apprised of any updates. We are optimistic that that the work undertaken to date in response to this request will lead to a positive outcome.