Federal Agriculture Minister Lawrence MacAulay is raising the interest free limit on the 2024 Advance Payments Program.
The Advance Payments Program gives producers access to cash advances of up to $1 million, with the first $250 thousand dollars now being interest free.
He says in the face of so many challenges, our hardworking producers continue to show their resilience and produce top-quality products for Canadians, and the world.
" Increasing the interest-free portion of the Advance Payments Program means improved cash flow and savings for farmers as we head into the 2024 planting season."
The government says the $250 thousand dollar interest free portion will now mean over 11,900 participating producers will save an additional $4,900 on average in interest costs ...
for a total savings of up to $58.7 million.
Under the program, the normal limit is set at $100,000 but was increased to help give producers access to additional cash flow and interest savings to help cover costs until they can sell their product.
Source : Pembinavalley online