Ontario Government Invests in Beef Sector with $500 Million Loan Program and Market Expansion Initiatives
CARLETON PLACE, ON — In a bold move to strengthen Ontario’s beef sector, the provincial government announced a substantial increase in funding through the Feeder Cattle Loan Guarantee Program, now set at $500 million. The province is also committing $2 million over four years to the Ontario Beef Market Development Program to boost both domestic and international sales.
Rob Flack, Minister of Agriculture, Food and Agribusiness, unveiled these initiatives as part of the Ontario government’s broader Grow Ontario Strategy, aimed at enhancing the province’s agriculture and food supply chain. The strategy includes a goal to increase agri-food trade by 8% annually.
“Our province’s Grow Ontario Strategy commits to strengthening the province’s agriculture and food supply chain and increasing agri-food trade by eight per cent per year,” Flack said. “The actions we’re announcing today support both of these goals and will help Ontario’s beef sector capture new opportunities now and in the future.”
Our government is strengthening Ontario’s world-class beef sector with an additional $240 million through our Feeder Cattle Loan Guarantee Program & a $2 million investment in our Beef Market Development Program.#Ontag
Learn more here: https://t.co/dkrLMLHHZM pic.twitter.com/2EMgeqErvp
— Rob Flack (@RobFlackEML) July 30, 2024
The Feeder Cattle Loan Guarantee Program’s expansion includes a $240 million increase in available funding, providing low-interest loans to beef farmers and co-operatives. The program, which sees the Ontario government guaranteeing 25% of the loan value, will now offer doubled maximum loan amounts and feature administrative changes to allow more flexible allocation of funds to meet producer demand.
Simultaneously, the $2 million Ontario Beef Market Development Program aims to enhance the competitiveness of Ontario beef products on a global scale. The funding will support a variety of initiatives, including participation in trade shows and trade missions, and hosting potential international buyers on tours of Ontario beef farms and processing facilities.
These new initiatives complement other existing supports designed to expand markets for Ontario’s agriculture and agri-food businesses, such as the $12-million Grow Ontario Market Initiative funded through the Sustainable Canadian Agricultural Partnership.
By significantly increasing financial support and investing in market development, the Ontario government is paving the way for a stronger, more competitive beef sector. These efforts are expected to open new opportunities for Ontario beef producers, ensuring sustainable growth and success in both local and international markets.
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