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FarmCash launches Sept. 1

FarmCash launches Sept. 1

AWC and AAFC will roll out a new program next month to help producers manage cash flow

By Kate Ayers
Staff Writer
Farms.com

The Alberta Wheat Commission (AWC) and Agriculture and Agri-Food Canada (AAFC) are releasing FarmCash, a cash advance program, on Sept. 1.

This new competitive option will be available for crop, livestock and honey producers in Alberta, an AWC release said yesterday.

“AWC believes that like any management tool, farmers need options,” Kevin Bender, AWC chair, said in the release.

“By launching FarmCash, AWC saw an opportunity not only to introduce a new competitive option into the market but also to better serve Alberta’s farmers and help improve long-term profitability.”

AWC will administer the program under AAFC’s federal Advance Payments Program (APP). The cash advances are to help producers manage cash flow throughout the year, meet financial needs and increase marketing opportunities, the release said.

APP is a federal loan guarantee program that provides farmers with access to low-interest cash advances, the release said. Producers are eligible for advances up to $400,000 within a program year based on the value of their ag product.

The federal government will pay the interest on the first $100,000 of a cash advance and the remaining $300,000 will be available at a low interest rate, the release said.

FarmCash can be applied to 45 commodities, including all major crops, livestock and honey – offering interest free advances and low interest rates, the release said.

The program will be offered through an automated web-based platform and any proceeds from the program will be reinvested back into Alberta’s ag industry.

To learn more about this program, producers can call 1-855-376-2274, visit AWC’s program page or email farmcash@albertawheat.com.

PointImages/iStock/Getty Images Plus photo


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