Interest-Free Loans for Beef Plant Share Purchases

The Prince Edward Island government is providing interest-free loans to beef producers who are purchasing shares in the new beef plant. The loans are for $20 a share through the Lending Agency and the Department of Agriculture and Forestry will cover the interest costs until December 1 of this year.

"Given the current cash flow problems within the beef industry, we want to ensure that all producers interested in becoming shareholders in the new plant can do so," said Agriculture and Forestry Minister Mitch Murphy. "We are strongly committed to seeing this vital project get off the ground."

The shares are a total of $60 each, payable in three installments. The first installment of $20 is due by July 18, with the next installment of $10 due January 30 of next year. Each share entitles and requires the producer to ship one animal per year to the plant.

The beef plant is a joint venture of a Maritime beef producers' cooperative, Co-op Atlantic and the Prince Edward Island government.