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25-16 - Breeder Finance Program
BFO’s 2023-2027 Strategic Plan identified Sector Growth as one if its key focus areas with growing the size of the Ontario cow herd as a key benchmark.
At our Queen’s Park BBQ held this past May, one of our key provincial priorities we spoke with Members of Provincial Parliament (MPP) about was helping the next generation of beef farmers by supporting a government-backed Breeder Loan Guarantee Program modeled on the successful Feeder Cattle Loan Guarantee Program.
Establishing a government guarantee for the Ontario Beef Breeder Co-operative Program would result in more competitive financing from lenders, help farmers purchase breeder cattle, support expansion of Ontario’s cow herd, and attract new, young beef farmers who see the opportunities for profitability and sustainability in Ontario’s beef sector.
To support our ask, we launched a producer survey requesting feedback on access to financing and interest in an enhanced Breeder Loan Guarantee Program. With over 150 respondents, the results were positive, which helped build our ask. As a result, we have submitted our formal proposal to government to support a $10 million government guarantee under the program. This would unlock approximately $40 million in affordable financing for breeder cattle across the province.
Discussions with MPPs continued throughout the summer and in September at the International Plowing Match in the Niagara Region. We also held a lobby day at Queen’s Park in November with the establishment of a government-backed guarantee for the breeder loan program being the main purpose of our meetings.
We have been encouraged by the support received for our request from MPPs, which includes some letters of support. We have had meetings with staff at the Ministry of Agriculture, Food and Agribusiness, lenders from the Ontario Beef Breeder Co-operative Program and the Feeder Cattle Loan Guarantee Program that have all been positive.
As you can imagine, establishing a government guarantee for a program takes time. We are hopeful we will see movement on this file in the new year and will be sure to keep members apprised of any updates.