Purposes
- Purchases of feeder steers and heifers.
- Advances on owned feeder steers and heifers.
Qualifications
- Applicants must be Manitoba residents who are at least 18 years of age and Canadian citizens or have lawful permanent residence status.
- Applicants must personally operate the farm to which the loan applies.
- The farm must be considered potentially viable and meet security requirements.
- Feedlot operators have the choice of having an active status with Verified Beef Plus (VBP+) (certificate must be provided annually with audit/corrective action reports provided); or complete a Feedlot self-assessment (annually).
- Applicant cannot be an active member of a feeder livestock association but may be a member of a breeder livestock association.
- Applicants cannot participate in the Stocker Loan and Feeder Plus Loan programs simultaneously.
Repayment
Repayment is to be made upon sale of cattle, or within 18 months of steers/heifers, whichever comes first.
Terms and Conditions
- Loans are available up to $6250000.
- Advances are limited to 90 per cent of current market value.
- Maximum loan is not to exceed 90% of the value of the livestock at time of purchase.
- Cattle must have a minimum weight of 400 lbs (181 kg).
- Cattle can be bought and sold from auctions, licensed dealers, and other farmers in the normal course of business.
- Financed cattle must be sold within 18 months for stocker steers/heifers.
- Loans with a term longer than 12 months will use MASC’s two-year interest rate.
- Monthly inventory reports are required.
- Quarterly inspections to be completed by a representative of MASC.
- Annual renewal is required.
- Interest rates are set at the time of each funding request based on the current prevailing rates.