Some good news for producers growing or finishing livestock.
The Alberta Government announced the lending limit through the Alberta Feeder Association Loan Guarantee Program has doubled.
Producers can now borrow up to $2 million, compared to the original $1 million dollar lending limit.
However, the 45 local Feeder Associations in Alberta which administer the program will still decide the maximum lending limit for each individual or joint membership.
The maximum equity advance for contracted cattle also increased from 50 to 75 per cent, which the Province says, will allow producers to generate more favourable cash flow for their operations.
"Feeder associations in Alberta are facing challenges in accessing the capital they need," said Alberta's Ag Minister, Oneil Carlier. "We have the backs of our producers-that's why we are introducing these amendments. With this move, we are showing a prime example of our government's responsiveness to industry and commitment to supporting the evolving needs of rural businesses."
In 2016, the Alberta government increased the provincial loan guarantee to $100 million from $55 million for feeder association members buying and feeding livestock for market.
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