Farmers can now apply for the Federal Government's 2024 Cash Advance program.
The Advance Payments Program is a federal loan program that offers Canadian farmers marketing flexibility through interest-free and low-interest cash advances.
The Canadian Canola Growers Association (CCGA) - one of the organizations that administers the program - began taking applications on Monday.
The early application process means qualified producers should have access to the money beginning April 1st.
Farmers can apply for a cash advance on over 50 commodities including field crops, large and small livestock, honey, and organic commodities.
The CCGA's Dave Gallant says the key difference in the program this year is that it goes back to the basic program.
"For 2024, the Minister of Agriculture has changed the interest-free component back to $100,000. So for the 2023 program, it was $350,000, for 20/22 it was $250,000. But the government has always been clear it was going back to the $100,000 for the 2024 program. "
So when a farmer applies for 2024 the first $100,000 will be interest-free with the remaining $900,000 available to farmers below prime.
Gallant adds there's still an opportunity for farmers to access the 2023 program if they haven't already done so.
Applications for the 2023 program will still be accepted up until March 31st, giving farmers access to that $350,000 if they still have inventory in the bin that is not already covered by a cash advance.
He notes applications for the 2023 program were up 15 per cent year-over-year as a result of the increased commodity rates, higher interest rates and the increase in the interest free component to $350,000.
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