Stocker Loan
$1,000,000.00
Loan
Description:
MASC’s Stocker Loan program provides short-term financing for producers who purchase feeder cattle and lambs, or retain owned calves for feeding. Loans of up to $100,000 are available, with terms of up to 18 months for cattle and 5 months for sheep.
Comments on Funding:
Interest is charged at MASC’s 1-year term rate of 4.9%. Stocker Loans with terms over 12 months use the 2-year rate of 4.8%.
For cattle, repayment is to be made upon sale of cattle, or within 18 months for stocker steers / heifers (12 months for breeding heifers), whichever comes first.
For lambs and feeder cows, repayment is to be made upon sale of livestock, or within 5 months, whichever comes first.
Continuous Intake
Eligibility:
Applicants must be:
1. individuals, joint farm units, partnerships, corporations, or cooperatives;
2. at least 18 years old;
3. a Manitoba resident, and a Canadian citizen (or lawfully admitted to Canada for permanent residence)
4. the operator of the farm to which the loan applies.
Livestock Eligibility:
1. Cattle must have a minimum weight of 400 lbs (181 kg) to be eligible;
2. Weaned lambs must have a minimum weight of 45 lbs (22.5 kg).
Application Steps:
Applicants must contact MASC Loan Specialist at a Service Centre.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
Producers who finance livestock with an MASC Stocker Loan and purchase a Livestock Price Insurance (LPI) policy for Feeder Cattle are eligible for a one-time interest rebate of 0.25 per cent of the Stocker Loan disbursed amount.
To be eligible for this rebate, the LPI policy purchased must have an insurable value equal to or greater than the disbursed Stocker Loan amount.
About the author
Maurice
