Western-Canadian farmers can apply for a 2024 spring cash advance through the Canadian Canola Growers Association starting today.
“We’re launching our early application window for the 2024 Advance Payments Program (APP), giving farmers more time to apply,” said Dave Gallant, CCGA’s vice-president of finance and APP operations in a news release today.
Farmers are eligible for up to $1 million in financing, with the interest‑free component at $100,000. The rest is subject to CCGA’s interest‑bearing rate of prime less 0.25 per cent, CCGA said.
“The interest cost savings that a cash advance offers can be significant,” Gallant said.
He encouraged farmers to 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, livestock, honey and organic crops.
The Advance Payments Program is a federal loan program administered by CCGA
