Increase in Interest Relief

Ed Lorraine, Minister of Agriculture and Marketing, today announced an increase in the maximum loan amount eligible for interest relief under the province's Loss Provision Program for beef and potato producers. The loan amount for these producers has been increased from $100,000 to $200,000, effective immediately.

"The program was established to help producers having to borrow money to offset income or production losses because of adverse weather in 1997," said Mr. Lorraine. "Since the program was established last December, it has been brought to our attention that a number of beef and potato producers have experienced losses greater than the previously established maximum of $100,000. We are pleased to have the flexibility to respond to their needs."

The program provides a total of $4 million in interest relief to Nova Scotia producers over two years. Today's announcement increases the amount of interest relief available to beef and potato producers from $15,000 to $30,000. At a set maximum annual interest rate of 7.5 per cent, the $4 million in interest relief would represent $26.7 million in loans.

Except for the stated increase, all other eligibility requirements and program guidelines apply. The program is administered by the Nova Scotia Farm Loan Board (NSFLB). Individual producers can contact the NSFLB at 902-893-6506, or the agricultural representative in their area for more information on the program.

Deadline for applications to the program is midnight, July 31, 1998.