Farmers from across Western Canada can apply for a 2024 spring cash advance through Canadian Canola Growers Association (CCGA).
The Advance Payments Program (APP) is a federal loan program administered by CCGA. It offers Canadian farmers marketing flexibility through interest-free and low-interest cash advances.
Many farmers use a spring advance for crop inputs, to invest in farm improvements or repairs, cover general operating costs, or however it works best for the specific needs of the farm. Applicants are eligible for up to $1 million in financing.
CCGA Vice-President, Finance and APP Operations Dave Gallant said they are launching the early application window for the 2024 APP to give farmers more time to apply.
Gallant said there are other important changes to note.
“The federal government has changed the interest-free component back down to $100,000. Right now, for 2023, farmers have access to $350,000 interest-free. As of April 1, for the 2024 program that will go down to $100,000,” Gallant said. “The other big change is the advance rates have dropped for the major crops. For canola, the rate has gone down to $290/tonne from $397. Wheat has gone down from $175/tonne to $150/tonne.”
Gallant said farmers should consider the blended impact of the interest-free and interest-bearing components when comparing various financing options.
Farmers can apply on over 50 commodities including field crops, large and small livestock, honey, and organic commodities.
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