Hog Producers Get Loan Support Program

first_img Nova Scotia pork producers will get provincial government loansupport to help them during the current decline in market price,Agriculture and Fisheries Minister Chris d’Entremont said today,Dec. 5. The program will be administered through Pork NovaScotia. “The loan program shows government’s continued commitment to thehog industry, particularly during this difficult time,” said Mr.d’Entremont. “We anticipate this loan program will provide porkproducers with an opportunity to restructure their industry.” The industry has identified more than $3.5 million in potentiallosses due to declining market prices this year. Pork pricesrecovered temporarily during the summer months but have sincedeclined to levels below the cost of production. Prices areexpected to recover in spring 2004. Business Risk Managementprograms have been established to assist the industry with low-income years and producers have begun to receive that funding. “Pork producers are experiencing stress and financial hardship asa result of low commodity pork prices,” said Mr. d’Entremont. “Other Maritime provinces have indicated that their pork industryis also being hurt by this decline in prices.” “We are pleased that the minister has acknowledged the plight ofthe pork situation in Nova Scotia and we look forward todeveloping a program that will work for our industry,” said HenryVissers, executive manager, Pork Nova Scotia. The program, available to Nova Scotia pork producers, will bebased on market prices until those prices exceed $145 per hog oruntil the $3.5 million dollar loan capital has been utilized.Details are expected to be worked out with Pork Nova Scotia andthe pork industry next week. AGRICULTURE/FISHERIES -Hog Producers Get Loan Support Programlast_img read more