Released on November 21, 2008
Today Agriculture Minister Bob Bjornerud announced an optional one-year deferral of the principal payments owing on the Short-term Cattle and Hog Loan Programs.
Hog producers will have the option to defer the principal portion of the first payment from May 2009, to May 2010. Also removed is the requirement for accelerated repayment when the weekly pool price exceeds $140 per ckg (price per 100 kilograms).
Cattle producers will also have the option to defer their 2009 principal payments for one year.
Cattle and hog producers opting for the principal payment deferral will still be required to pay any interest that has accrued on their loans.
"Cattle and hog producers continue to face financial pressures," Bjornerud said. "The industry has requested this principal payment deferral to help producers cope with the challenges they face."
The 2008 Short-term Cattle and Hog Loan Programs were announced on December 21, 2007.
Producers are encouraged to call 1-866-947-9113 for more details.
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For more information, contact:
Jenna Webb
Agriculture
Regina
Phone: 306-787-2359
Email: jenna.webb@gov.sk.ca