Ontario Beef Cattle Financial Protection Program
ON, Canada
Recover livestock sales losses in Ontario
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|openingDateNovember 14, 2019
grant_single|financingType
Other Support
grant_single|eligibleIndustries
- Agriculture, forestry, fishing and hunting
grant_single|grantors
- Agricorp
- Government of Ontario
grant_single|status
grant_card_status|open
grant_single_labels|preview
Financial protection to beef cattle sellers when a licensed dealer defaults on payment.
grant_single_labels|projects
grant_single|admissibleProjectsExample
$25,000
Calgary
Establishing a financial training program for beef cattle dealers
$48,000
Vancouver
Launching an audit service for beef cattle transaction compliance
$32,000
Edmonton
Establishing an emergency fund for beef cattle sellers facing defaulted payments
$40,000
Toronto
Implementing a new payment tracking system for beef cattle transactions
$36,000
Ottawa
Initiating a mediation service for resolving payment disputes in beef cattle sales
$60,000
Montreal
Developing a secure online platform for beef cattle sale and purchase
grant_single_labels|admissibility
grant_eligibility_criteria|who_can_apply
Eligible companies for the Beef Cattle Financial Protection Program in Ontario include beef cattle producers, cooperatives, and licensed dealers such as packing plant operators, abattoir operators, auction market operators, fair operators, exhibition operators, and country dealers.
- Beef cattle producers
- Cooperatives
- Licensed dealers (packing plant operators, abattoir operators, auction market operators, fair operators, exhibition operators, country dealers)
Apply to this program
Ontario's Beef Cattle Financial Protection Program Summary
Ontario's Beef Cattle Financial Protection Program offers financial security to beef cattle sellers in case a buyer defaults on payment, ensuring a safeguard for sellers in the industry.
Ontario's Beef Cattle Financial Protection Program Overview
Ontario's Beef Cattle Financial Protection Program aims to provide financial protection to beef cattle sellers in the event of buyer payment defaults. Sellers and buyers can include beef cattle producers, cooperatives, or licensed dealers. All dealers must hold an active license under the Livestock and Livestock Products Act to conduct business in the livestock industry, with various types of licensed dealers like packing plant operators, abattoir operators, and auction market operators.
Buyers, who can be either beef cattle producers or licensed dealers, must have the appropriate licenses to engage in purchasing beef cattle. New dealers need to apply for an annual license from Agricorp, and existing dealers must renew their licenses by submitting the necessary renewal packages and fees. Financial transactions between buyers and sellers need to adhere to specific payment timelines, with funds deposited into the seller's bank account within a stipulated period based on the total sale amount. Licensed dealers are also required to remit fees based on the type of sale conducted, such as consignment sales, direct sales, or private treaties.
Agricorp manages the financial aspects and fee remittance processes, ensuring all transactions are compliant with regulations. Sellers, including producers and cooperatives, must pay remittance fees on sales made to licensed dealers, and in case of defaults by buyers, sellers may qualify for claim payments through the Livestock Financial Protection Board. Prompt reporting of payment discrepancies or unauthorized dealer activities is essential for maintaining the integrity of the financial protection program. Making claims for unpaid transactions requires adherence to specific timelines and procedures outlined by Agricorp and the Livestock Financial Protection Board.
Overall, the program aims to provide a secure financial environment for beef cattle sellers and buyers, enhancing trust and transparency within the industry while offering protection against potential payment defaults.