Farm Credit Canada (FCC) is announcing a new FCC Replacement Heifer Program to help Canadian cattle producers in maintaining or expanding their herds.
The Canadian beef cattle inventory was pegged by Statistics Canada at 10.3 million head earlier this year which is a decline by four per cent since 2017. The cattle sector is an important part of the agriculture industry, that contributes over $24 billion annually to the economy and plays a critical role in maintaining the health of grasslands. FCC wants to ensure Canada’s cattle ranchers have access to the financial levers they need to plan for the future.
“The drought conditions this summer affected a large cattle producing area in Western Canada and right now ranchers are making decisions about how to best manage their herds,” said Sophie Perreault, FCC’s chief operations officer. “The Heifer Replacement Program will help reduce cash flow pressures for those who want to maintain or grow their herd.”
The program consists of a loan with a maximum two-year period of interest only and a maximum life of seven years. For this loan, variable interest rates will be capped at prime plus 1.5%, and loan processing fees will be waived.
“FCC is here to partner with customers in coming up with financial solutions that will continue to support the well-being and longevity of Canadian cattle herds,” Perreault said. “If ranchers have other needs beyond heifer financing, I invite them to contact the FCC team.”
“The Saskatchewan Stock Growers Association appreciates FCC’s response to the current needs of livestock producers,” said Garner Deobald, SSGA president. “This FCC program will help producers rebuild or maintain their herds after consecutive years of drought.”
Beef producers are encouraged to contact their FCC relationship manager or their FCC livestock Alliance partner for details. Producers can do this by contacting their local office or the FCC customer service centre at 1-888-332-3301.
FCC is Canada’s leading agriculture and food lender, dedicated to the industry that feeds the world. FCC employees are committed to the long-standing success of those who produce and process Canadian food by providing flexible financing, AgExpert business management software, information and knowledge. FCC provides a complement of expertise and services designed to support the complex and evolving needs of food businesses. As a financial Crown corporation, FCC is a stable partner that reinvests profits back into the industry and communities it serves. For more information, visit fcc.ca.
(FCC News Release)
