CCGA issues first 1,500 cash advances for 2023 program year

Today, on the first day of the 2023 Advance Payments Program (APP), Canadian Canola Growers Association (CCGA) issued over $300 million in cash advances, providing more than 1,500 farmers across Western Canada with working capital to help get the growing season off to a productive start. 

“Rising costs for inputs and successively rising interest rates have heightened farmers' interest in cash advances this spring," says Dave Gallant, Director of Finance and APP Operations at CCGA. “Farmers who take advantage of a cash advance can see significant savings on their borrowing costs ranging from several thousand dollars to over $30,000, depending on the value of the advance and comparative interest rates." 

Through CCGA, farmers can access advances on over 50 commodities including field crops, large and small livestock, organic crops and livestock, and honey. Farmers can apply for a cash advance of up to $250,000 interest-free and to a maximum of $1,000,000. The interest-bearing portion is charged an interest rate of prime less 0.75%.