Released on November 10, 2004
The Government of Saskatchewan has introduced changes to three livestock loan programs, providing flexibility as part of its BSE strategy."Cattle producers continue to be adversely impacted by low market prices," Agriculture and Food Minister Mark Wartman said. "Therefore, we are introducing several measures that will provide beef producers with more flexibility and additional options for dealing with payments."
Wartman noted that producers are making decisions to hold cattle from the market, both in response to the market and as part of the recently announced Set-Aside programs, which has impacted their ability to service their Livestock Loan Guarantee, 2002 Drought and 2003 BSE loans.
The changes being introduced include: increasing the loan limits under the feeder and breeder Livestock Loan Guarantee programs for cattle; providing an option for producers with a BSE loan from 2003 to defer the 2004 principal payment; and providing an option for producers with a cattle drought loan from 2002 to defer the 2004 principal payment.
"We will continue to implement measures to help our livestock producers through this difficult time and to do what we can to ensure the long-term future of the industry in Saskatchewan," Wartman said.
Producers who want more information on their options can contact lenders in the case of the 2003 BSE and 2002 drought loans.
In the case of the Livestock Loan Guarantee program, producers can contact the program administration at (306) 787-5275.
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For More Information, Contact:
| Scott Brown Agriculture, Food and Rural Revitalization Regina Phone: (306) 787-4031 |