The province has announced it has amended the rules for the Livestock Loan Guarantee (LLG) Program to better meet the needs of producers and grow the industry.
"Our government is committed to providing producers with the tools they need to remain competitive in today's marketplace," Saskatchewan's Agriculture Minister Lyle Stewart comments.
"These changes were made in consultation with industry stakeholders, and will help to grow the livestock industry in Saskatchewan."
As a result, individual maximum loan limits will increase from $300,000 to $500,000 under the Cattle Feeder option, and from $200,000 to $500,000 under the Cattle Breeder option. The combined individual maximum limit under both options has been increased from $300,000 to $500,000.
Individual maximum loan limits have been increased from $200,000 to $500,000 under the Bison Feeder option, and from $125,000 to $500,000 under the Bison Breeder option. The combined individual maximum limit under both bison options has been increased from $300,000 to $500,000.
Other changes include increasing the corporate maximum loan limit under cattle and bison feeder and breeder options from $300,000 to $1.5 million. Previously, corporate and individual borrowing limits were the same.
LLG supervisors now have the authority to allow the interprovincial movement of cattle enrolled under the feeder and breeder options. The new rules will help to reduce barriers to livestock expansion and reflect a modern and evolving industry.
Increasing the size of the livestock herd in Saskatchewan is one of the targets set out in the Plan for Growth says Stewart, and supports the goal of establishing the province as a global leader in agriculture production, food security and innovation.
"The new rules under the LLG program reflect the changing needs of Saskatchewan livestock producers," Saskatchewan Cattlemen's Association Chair Mark Elford states.
"It's great to see our government working so closely with producers to increase the size of the provincial herd, leading to increased competitiveness and economic growth in the province."
"I'm really pleased that our government has responded to the changing circumstances in Saskatchewan's livestock industry so directly," Saskatchewan Stock Growers Association President Harold Martens says.
"Producers now have more choice when it comes to managing their livestock operations, ultimately leading to greater efficiency and higher returns for Saskatchewan."
The Livestock Loan Guarantee program was established in 1984 to encourage growth of the province's livestock industry and provide financing to producers purchasing livestock or developing feedlots.
