The Manitoba Agricultural Services Corporation (MASC) is increasing limits on several lending products.
Effective April 1, 2022, the direct loan limit will increase to $4.25 million from $3.5 million, reflecting increased land values and operating costs.
Agriculture Minister Derek Johnson said in a media release the changes will help farmers “manage demands of farming in today’s economy.”
“Our government recognizes the economic pressures on producers as they strive to succeed in the competitive world of agriculture, despite the challenges presented by last year’s drought and the impact of the ongoing pandemic,” said Johnson.
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Limits on stocker loans, which provide producers with short-term financing for the purpose of purchasing feeder cattle and lambs or as a cash advance on their retained feeder animals, are also being increased. As well, effective April 1, 2022, stocker loan limits will increase to $750,000 from $500,000. With Manitoba’s beef herd reduced significantly because of recent drought years, increasing the lending limit to $750,000 from $500,000 provides an excellent tool to help producers rebuild their herds, the minister noted.
Limits on the Manitoba Livestock Associations Loan Guarantee program, which encourages feeding cattle in the province, will increase to $750,000 from $500,000 and association limits will increase to $12 million from $8 million, both as of April 1, 2022.
For more information, contact an AG-MASC Service Centre or go to masc.mb.ca.
