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CCGA sees strong interest in the Advance Payments Program

With increasing costs on the farm and ranch, the federal government's Advance Payments Program (A-P-P) has been a popular choice for producers as they focus on the financing needs.
 
The Canadian Canola Growers Association (CCGA) is one of several groups administering the cash advance program.

Under the program, producers can apply for a cash advance, with the first $250,000 being interest-free and the interest-bearing portion charged at prime less 0.25%.

 Vice-President of Finance & A-P-P Operations Dave Gallant says they've seen a significant uptake in the program this year.

"In the first six weeks of the program, we have issued over 4200 advances to farmers for over $700 million across the prairies, and this is slightly ahead of last year's numbers. So we're seeing significant uptake as a lot of farmers are realizing the real benefit of that low-interest rate and how much money they can save on their farm."

He notes that last year, the CCGA issued over $2.8 billion and is probably on target for well over $2 billion again. 


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