Beef producers impacted by the drought that are looking to maintain or grow their herd can now apply for Farm Credit Canada's new " Heifer Replacement Program ".

Sophie Perreault, FCC’s chief operations officer announced the program on Tuesday.

The Heifer Replacement Program loan offers a maximum two-year period of interest only,  with a maximum life of seven years. .

The loans variable interest rates are capped at prime plus 1.5%, with FCC waiving the loan processing fees.

SSGA president Garner Deobald says the FCC program will help producers rebuild or maintain their herds after consecutive years of drought.

Producers interested in applying or learning more about the program are encouraged to contact their FCC relationship manager or their FCC livestock Alliance partner for details.