The Rural Voice, 1993-12, Page 58News
Rural Loan Pool
unveiled by Buchanan
The provincial government's long
awaited plan for investing rural money
in rural enterprise was unveiled by
Elmer Buchanan, Ontario minister of
agriculture and food at the annual
meeting of the Ontario Federation of
Agriculture November 22.
Under the Rural Loan Pool
Program, rural Ontario residents will be
able to invest savings in Agricultural
Guaranteed Investment Certificates
(AgGICs), which will be eligible for
RRSP classification. The money from
the sale of AgGICs will be "pooled" by
the eligible financial institutions —
participating credit unions and caisses
populaires. These pooled funds will be
used within the community to make
loans to farmers and other rural
residents for agricultural or agriculture -
related financing.
Loans and mortgages to a maximum
of $500,000 will be offered at reason-
able rates to: cover capital costs associ-
ated with on-farm value-added vent-
ures; cover capital costs associated with
off -farm, farm -related, value-added
ventures in rural Ontario; buy moveable
farm machinery and equipment; consol-
idate farm debt; purchase farm real
estate; and construct or improve farm
buildings or land.
The Rural Loan Pool Program is the
final component of OMAF's Agricul-
tural Investment Strategy, which offers
Ontario farmers the stability of long-
term tools for farm financial arrange-
ments. Other components introduced
include the Education and Expertise
Program and the Private Mortgage
Guarantee Program.
The program was developed in con-
sultation with a Rural Loan Working
Group which included members from a
number of Ontario farm organizations.
To help borrowers get the credit
they need for new agriculture -related
business and value-added ventures,
OMAF is providing a partial guarantee
on loans and mortgages qualifying for
the program.
AgGICs are expected to be available
for sale through participating credit
unions and caisses populaires in mid-
January 1994. Province -wide sales of
AgGICs cannot exceed $50 million.
Loan application availability will
depend on the sale of AgGICs.O
54 THE RURAL VOICE
Calendar
DECEMBER
1 — Grower Pesticide Safety course, Re-
certification, 8:45 a.m., Clinton OMAF
Seminar room. Must pre -register by
calling the Clinton OMAF office.
2 — Agriculture in the Classroom, 6:30
p.m., OMAF boardroom, Walkerton.
2 — Holstein Club Sale, Select Sales,
Durham.
2, 16 — Computer Orientation course,
Ontario Ministry of Agriculture & Food,
Markdale, 9:00 a.m. to 4:00 p.m.,
$50/person. Pre -registration required.
3 — Deadline for consigning heifers in
the Huron Heifer Development Project.
contact Hank Van Dorp at 529-7965 or
the Clinton OMAF office, 482-3428 or
1-800-265-5170.
3 — United Breeders' Annual meeting,
11:00 a.m., Elma Community Centre,
Atwood.
6 — Perth Plowmen's Annual meeting,
8:00 p.m., OMAF boardroom, Stratford.
6 — Huron -Bruce -Grey 4-H Show &
Sale Carcass Evaluation meeting, 7:30
p.m., OMAF boardroom, Walkerton.
8 — General WOBI Annual meeting,
11:00 a.m., Woodstock Fairgrounds.
8 — District 3 Sheep Marketing Agency
meeting, 8:00 p.m., OMAF boardroom,
Stratford.
8, 9 — Agricultural Credit & Loan
Seminar, OMAF boardroom, Walkerton.
8, 15 — Agriculture Credit and Law
Seminar, 9:30 a.m., Clinton OMAF
Seminar room. Cost $40/person,
$55/farm couple, includes lunch. Must
pre -register by calling Clinton OMAF
office.
9 — Grower Pesticide Safety Course,
8:45 a.m. to 4:00 p.m., Beaver Valley
Community Centre, Thornbury. Cost:
$25/person. Pre -registration required.
9 — Learning to Live with Computers,
Ontario Agricultural Training Institute
(OATI) course, 7:00 p.m. to 1:00 p.m.,
Clinton OMAF Seminar room. Must
pre -register by calling the Clinton
OMAF office.
9 — Dairy Quota Management course,
10:30 a.m. to 3:30 p.m., OMAF
boardroom, Stratford. Pre -registration
required.
9 — Bruce County Soil & Crop Annual
meeting, 9:30 a.m., Walkerton
Agricultural Building (beside the arena).
9 — Huron County Federation of
Agriculture Members' meeting, 8:00
p.m., OMAF Seminar Room "A",
Clinton. Reports from OFA Convention
from delegates.
10 — Grower Pesticide Safety Course,
8:45 a.m. to 4:00 p.m., Ontario Ministry
of Agriculture & Food, Markdale. Cost:
$25/person. Pre -registration required.
13 — Bruce County federation of
Agriculture Directors' meeting, 8:00
p.m., OMAF boardroom, Walkerton.
16 — Dairy Day, 10:00 a.m., Brussels,
Morris and Grey Community Centre.
Must pre -register by calling the Cliinton
OMAF office.
16 — Grey County Federation of
Agriculture Directors' meeting, 8:00
p.m., OMAF boardroom, Markdale.
Members are welcome to attend.
17 — Perth Dairy Seminar: 9:30 a.m. to
10:30 a.m., Register and View
Agribusiness displays; 10:30 a.m. to
3:00 p.m., meeting. Elma Community
Centre, Atwood.0
George Smyth
Welding and Machine
Shop Ltd.
• Livestock & Flatbed Trailers
• Snowblowers
• Wood Splitters
• Bale Forks & Feeders fl
Merry c5'is w as. And tire happiest
of lo&days to you and yours. *
greas% appreciate havinggool friends
aid customers filo you.
R.R. 2 Auburn, Ont.
519-529-7212