Alberta feeder co-op still in limbo over loan program
As negotiations continue to reinstate the Feeders Association Loan Guarantee program to the Picture Butte Feeder Co-operative, the provincial cattle feeders association is making its feelings known.
“Our members depend on a trustworthy and functional loan guarantee program. We support any actions that uphold the program’s principles and ensure its continued success for cattle feeders across Alberta,” Alberta Cattle Feeders’ Association chair Keith Gregory said in a press releasethe day after the association held a meeting on the issue.
Following a comprehensive investigation by Alberta Agriculture and Irrigation’s inspection and investigation section, the FALG program was suspended in February for Alberta’s largest cattle financing co-operative, alleging a number of financial mismanagement and regulatory issues.
Read Also
CME Group introduces new spring wheat futures contract
The CME Group has launched its hard red spring wheat futures contracts.
Allegations included ineligible feeder members, using guaranteed loan proceeds for improper purposes, providing more advances than were allowed and obstructing provincial inspections.
The ACFA, while not empowered to intervene directly, noted it is committed to supporting the integrity and transparency of the FALG program.
“We believe in a program that not only builds the industry, but also champions grassroots initiatives and supports new entrants, fostering an environment conducive to expanding and advancing the industry,” said Gregory.
The press release said the ACFA does not have the mandate, authority or standing to intervene in matters related to PBFC or FALG.
“Our role remains focused on supporting the FALG in the interest of our members and the broader Alberta cattle feeding industry. We want to ensure this program remains viable and available to producers who need it, ensuring the intent of the program continues to be met, which includes supporting new entrants, facilitating sector growth and helping to diversify the economy by providing access to effective, low-cost financing to small and midsize livestock producers.”
The Alberta Cattle Feeders’ Association is encouraging producers affiliated with PBFC and other feeder associations to engage with their associations and relevant authorities to stay informed and help ensure the long-term sustainability of the program.
“The cattle feeding industry has been built on the principles of integrity and accountability. The ACFA does not condone any actions that violate established rules of any financial system or undermine the trust on which the industry depends.”
The Western Producer sent an email that is yet to be answered to Alvarez & Marshal, the court-approved restructuring officer appointed by the PBFC to inquire about efforts to lift the ministerial order suspending the FALG.
Source: producer.com