NORTH BATTLEFORD, Sask. — Saskatchewan’s Livestock Loan Program is almost 20 years old, but Trish Ferner says many bison producers still don’t know about it.
Ferner, secretary treasurer of the Many Bone Bison Co-op in Sedley, Sask., said new members often don’t know they could have accessed the provincial livestock loan guarantee program by joining her association. Financing is available for bred and feeder bison.
“How come I didn’t know you were around last year because I ended up having to sell some of my animals,” she said during the Saskatchewan Bison Association meeting in North Battleford March 2 while summarizing the reaction of many new members. “I could have rolled them into the co-op and kept my animals.”
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Tom Glab of the Livestock Loan Guarantee Program in Saskatoon said the program started in 1984 for cattle but didn’t begin for feeder bison until 1999 and for breeder bison until 2007.
It gives Saskatchewan cattle, bison and sheep producers another source of financing to expand their production through low-risk credit.
Glab agreed with Ferner that a high percentage of bison producers aren’t aware of the loan guarantee program.
Many Bone Bison Co-op, which started in 2000, is led by a board and has 30 members. To qualify for a loan, an eligible producer must be a Saskatchewan resident and at least 18 years old.
New to the program is the ability for provincially registered corporations to participate directly in the program.
“Prior to that, corporations were not eligible. It was just individual producers,” said Glab.
The minimum loan amount is expected to double this year from $50,000 to $100,000, which Ferner said is welcome news for the industry.
Glab said bison prices are higher than cattle and the limits should be the same.
“That’s what we’re aiming for. They (bison producers) want the same limits that the cattle guys have,” he said. “We want to keep them on the same playing field.”
The feeder option has a loan limit of $50,000 for the first year, $100,000 for the second year and $200,000 for the third.
The breeder option provides up to $50,000 for the first year, $75,000 for the second and $125,000 for the third.
A maximum cap of $300,000 is set in both options.
Eligible feeder bulls and heifers must be younger than two and bred heifers and cows must be younger than eight.
The feeder loan period is 18 months and the breeder period is six years. An extension of six months is available for both options and members are responsible for their loan repayments.
