PRINCIPAL PAYMENTS DEFERRED FOR SHORT TERM CATTLE AND HOG LOANS

Today, Agriculture Minister Bob Bjornerud announced an additional one-year optional extension of principal payments for the Short-Term Cattle and Hog Loan programs. These loan programs were originally announced in December 2007.

"Saskatchewan cattle and hog producers continue to battle one challenge after another," Bjornerud said. "Giving these producers some extra time to pay back these loans should help relieve some of the pressure they are currently facing."

These loan programs were designed to assist Saskatchewan cattle and hog producers facing difficult market conditions. Through the program, $90 million in loans were available to producers.

In November 2008 producers were also given the option to defer their 2009 principal payment to 2010 to help address ongoing challenges in the cattle and hog industries. Principal payments will now commence in 2011 for producers who deferred their principal payment both last year and this year.

Producers are required to pay any accrued interest and sign a letter acknowledging the amendment to their loan agreement. For more information, producers are asked to contact any Saskatchewan Agriculture regional office or call 1-866-947-9113.

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For more information, contact:

Jenna Webb
Agriculture
Regina
Phone: 306-787-2359
Email: jenna.webb@gov.sk.ca