Replacement heifer program aims to help producers maintain or expand herds

Farm Credit Canada (FCC) has announced a new FCC Replacement Heifer Program to help Canadian cattle producers in maintaining or expanding their herds.

The Canadian beef cattle inventory was pegged by Statistics Canada at 10.3 million head earlier this year, which is a decline by four per cent since 2017.

Sophie Perreault, FCC’s chief operations officer, says the drought conditions this summer affected a large cattle producing area in Western Canada, and ranchers have been making decisions about how to best manage their herds.

“The Heifer Replacement Program will help reduce cash flow pressures for those who want to maintain or grow their herd,” Perrault explains. “FCC is here to partner with customers in coming up with financial solutions that will continue to support the well-being and longevity of Canadian cattle herds.”

The program consists of a loan with a maximum two-year period of interest only, and a maximum life of seven years. For this loan, variable interest rates will be capped at prime plus 1.5 per cent, and loan processing fees will be waived.

Beef producers are encouraged to contact their FCC relationship manager or their FCC livestock alliance partner for details.

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Together, let’s maintain Alberta’s herds