Released on September 11, 2009
Today Agriculture Minister Bob Bjornerud announced an optional one-year deferral of principal payments on breeder loans for cattle and sheep producers participating in the Livestock Loan Guarantee (LLG) program.
"Livestock producers continue to face a number of challenges," Bjornerud said. "This principal payment extension will help producers address cash flow concerns and purchase feed."
Producers who have breeder loans with a breeder association can apply to have their principal payments extended for one year, but are still required to pay the interest due. Producers who have already made their payment in 2009 are eligible for a one year deferral on their next principal payment.
The LLG program is made up of 93 producer-formed associations throughout the province that access funding for the purchase of livestock and the construction of feedlot facilities. The LLG program has assisted producers in accessing more than $1.5 billion in financing since the program was introduced in 1984.
As of May 31, 2009, there were 1,824 producers with loans through a breeder association.
Producers can pick up applications from their local breeder association.
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For more information, contact:
Jenna Webb
Agriculture
Regina
Phone: 306-787-2359
Email: jenna.webb@gov.sk.ca