Canadian pork producers can apply for government-backed loans beginning Oct. 5. Applications are also expected to be available for the Hog Farm Transition Program next week.
“We’ve worked in lock-step with the Canadian Pork Council to make sure the details of these important programs hit the target for producers at the farm gate,” said federal agriculture minister Gerry Ritz in a news release. “We know the Canadian pork industry can be profitable and that’s why we’re offering government-backed loans to help them weather the current economic storm. But we also know the industry needs to restructure and we’re working with the Canadian Pork Council to deliver funding for those who need to transition to another sector.”
Starting Oct. 5, farmers will be able to access the loan program through financial institutions. Producers can check www.agr.gc.ca/HILLRP to find out which institutions are participating. The commercially based loans will be negotiated for each farm operation and based on viable business plans. By using government-backed loans, Canadian pork producers will have better access to credit and the opportunity to restructure for the long term.
The Canadian Pork Council and the federal government are also delivering $75 million through the Hog Farm Transition Program. The Canadian Pork Council will have registration forms for the program available to producers on Oct. 8. The program will be retroactive to April 1, therefore producers who depopulate their barns before applying for the program will still be eligible. Applications is based on a tendering process that allows producers to bid for the amount of funding they require to take their barns out of operation for at least three years. Producers will be able to visit the Canadian Pork Council’s web site www.cpc-ccp.com for more information and registration forms on Oct. 8.
