Sept. 24, 1999
FREDERICTON (CNB) -- New Brunswick beef farmers can now apply for this year's Cattle Retention Program announced Agriculture and Rural Development Minister Milt Sherwood announced today.
The Cattle Retention Program helps beef farmers expand feeder cattle numbers on their farms. It is designed to help producers get the maximum value for their animals by enabling them to finish their feeder calves and sell them as heavier replacement animals to feedlots.
"Beef farmers only get paid when they sell their animals," Sherwood said. "This program will allow farmers to keep growing their cattle over the winter and sell them in the spring as heavier animals for more money. It will also help farmers buy more animals."
The program provides financial assistance in the form of an interest buy-down on loans to finance the retention or purchase of feeder cattle. The maximum value of the loan eligible for interest buy-down assistance will be 75 per cent of the value of the feeder cattle retained up to a maximum of $50,000 per applicant.
To be eligible, producers must own a beef herd consisting of at least 15 breeding females or attain a minimum of 15 breeding females by November 1999; or they must own a feedlot or backgrounding operation with the facilities and available feed supplies necessary to finish cattle.
Interested producers should contact the nearest Regional Office of the Department of Agriculture and Rural Development (toll-free 1-888-622-4742) for detailed information pertaining to program eligibility and enrolment. Applications will be received until Nov. 30, 1999.
MEDIA CONTACT: John White, communications, Agriculture and Rural Development, 506 453-5451.