The Canadian Canola Growers Association (CCGA) is now accepting applications for the 2017-18 Advance Payments Program (APP). In addition to making cash advance applications available earlier this year, CCGA has also implemented three program changes that will be of interest to farmers.
Through CCGA, farmers can apply for a cash advance on 45 different crop and livestock commodities, including oilseeds, cereal grains, pulse crops, specialty crops, grass seed, cattle, hogs, honey and more. Farmers are eligible for a cash advance of up to $400,000, with the first $100,000 being interest-free and an additional $300,000 interest-bearing at prime rate.
“The spring cash advance program provides farmers with access to cash flow on their unharvested crops and newly born livestock,” says Rick White, CEO at CCGA. “We’ve already been getting calls from farmers, so we are pleased that in the first full week of March we are ready to launch our pre-application process.”
What’s new for cash advances in 2017?
- New security options. In addition to Crop Insurance and AgriStability, CCGA will be accepting Global Ag Risk Solutions' Production Cost Insurance as a form of security on field crop advances.
- One common application form. CCGA has replaced the province-specific application form with one single form, regardless of which province the farm business operates within.
- Quinoa has been added as a commodity eligible for an advance.
“CCGA is continually looking for ways to make our services more accessible to farmers,” says White. “These changes will provide greater access to operating cash flow for Western Canadian grain and livestock farmers.”
White reminds applicants that while CCGA is beginning the pre-application process today, allowing farmers to get the cash advance paperwork done before they head into the fields, the association begins issuing advance funds on April 3, 2017.
Source : Canadian Canola Growers Association