Province expands livestock financing to strengthen rural economy
Alberta’s government is strengthening its rural economy by raising the lending cap on the Feeder Associations Loan Guarantee Program (FALGP). The program supports livestock producers by helping them access affordable financing to buy animals and expand their herds.
Alberta is recognized worldwide for its high-quality beef, and feeder associations play an important role in maintaining this reputation. These locally run cooperatives provide producers with the capital they need to stay competitive in international markets. With global demand for Alberta beef growing and prices climbing, the government has increased the program’s limit from $150 million to $225 million.
“Alberta is a beef province, and livestock is a huge part of our agricultural industry. Our cattle and sheep producers put food on tables in our province and around the world. Increasing the limit on Alberta’s loan guarantee program will ensure thousands of producers across the province have access to the capital they need to keep producing Alberta’s world-renowned beef," said RJ Sigurdson, Minister of Agriculture and Irrigation.
Since its launch in 1936, the program has provided more than $12 billion in loans. The new funding ensures the province’s 45 feeder associations will continue offering producers the support needed to sustain and grow their operations.
Industry leaders have welcomed the expansion. George L’Heureux, chair of the Feeder Associations of Alberta, noted that rising livestock costs make it challenging to operate under the previous limits.
“With cattle prices as high as they are right now, an increase to the program is critical. Getting this increase will be absolutely huge. Access to capital is incredibly important and helps producers, like myself, to grow and thrive. The program was a huge part of me coming back to the farm that my family started and will be instrumental in keeping it going,” said Dustin Lamb, producer.
By increasing the program’s capacity, Alberta ensures its livestock producers remain competitive, its beef industry continues to thrive, and rural communities gain stronger economic foundations.
Photo Credit: gettyimages-d-keine