CATTLE AND PORK PRODUCERS GIVEN MORE TIME TO REPAY CASH ADVANCES

January 23, 2009

Cattle and hog producers facing hard financial times now have until September 30, 2010, to repay cash advances under the Advance Payment Program (APP). The extension of the repayment deadline for livestock advances was announced today by Agriculture Minister Gerry Ritz. In addition, the first $100,000 of each producer’s advance will continue to be interest-free.
 
The extension of the repayment deadline applies to regular and emergency loans taken by cattle and hog producers during the 2008-09 production period. The Stay of Default covers more than $450 million in advances to the livestock sector.
 
Producers can still apply for APP emergency advances until March 31, 2009. Regular APP advances will continue to be available. Beginning in April, producers who meet eligibility criteria will be able to apply for 2009-10 regular advances.
 
Improving cash flow to producers through APP and Targeted Advance Payments under AgriStability are just two of a number of measures being taken in response to challenges facing Canadian livestock producers. Minister Ritz has also been working hard developing new marketing opportunities around the world to help Canadian farmers weather the current economic uncertainty and strengthen export markets.
 
For more information please visit www.agr.gc.ca