Canadian pork producers welcome the country’s Hog Industry Loan Loss Reserve Program and the Hog Farm Transition Program.
While Canada’s pork producers are accustomed to the cyclical highs and lows of production, the industry has been dealing with exceptional circumstances for the past three years. The Loan Loss Reserve Program will help producers who want to continue in hog production to address their liquidity issues. Producers interested in applying for a loan under the HILLRP will do so through their lending institution.
“We are supportive of the approach for both initiatives and are relieved that the programs will be available shortly,” says Jurgen Preugschas, chairman, Canadian Pork Council Board of Directors. “Producers are in dire straits right now and the sooner we can start advancing funds through both programs, the better.”
The Hog Farm Transition Program provides another avenue of help. The program will
assist pork producers who see no other option for their future but to stop hog production for
a set period of time. It will provide funding through a tender process. Producers that
are successful in their bids to participate in the program will agree to set aside all
hog production from their business entity for a period of three years.
Source: Canadian Pork Council