Hog farmers in New Brunswick will be offered early access to their expected AgriStability payout for 2008, under a Targeted Advance Payment (TAP) program announced Thursday.
Letters are in the mail to eligible producers with information about the amount of their advance and how to receive a payment, the federal and provincial governments said in a release.
Thursday’s release didn’t provide specifics on how much money eligible hog producers can expect, but other provinces’ 2008 TAPs for hog farmers are based on 60 per cent of a farmer’s estimated 2008 AgriStability payment.
Such a limit is meant to reduce the risk of an overpayment, which the federal CAIS office would then have to recoup from the farmer.
“These advances, along with the loan program we announced earlier this year for New Brunswick hog farmers, will help address liquidity issues the producers are facing,” said provincial Ag Minister Ron Ouellette in the release.
The province in January announced $3 million in loans for hog farmers over two years. Of that, $2.2 million was to be made available during the 2007-08 fiscal year.