(Alice McFarlane/farmnewsNOW Staff)

By Alice McFarlane

Cash Advance Program

Changes to cash advance program

Mar 6, 2019 | 4:05 PM

Farmers wanting to get a jump start on their spring cash advance can submit their 2019 Advance Payments Program application form to the Canadian Canola Growers Association (CCGA).

CCGA CEO Rick White said farmers will notice a few changes. Producers who take out an interest-bearing advance will benefit from a reduced interest rate below prime. CCGA also expanded its advance offering with four new organic grains including wheat, oats, peas and flax.

“Farmers anxious to complete their advance application before seeding have been contacting us,” White said in a news release. “Having our application form ready well in advance of the April 1 program start date is just one way our team is enhancing cash advance services for Western Canadian farmers.”

“We are passing on the benefits from our operational efficiencies directly back to farmers who use the program,” White said. “Beginning this April, farmers who have an interest-bearing advance with CCGA will benefit from an interest rate of prime minus 0.5 per cent.”

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Farmers can access advances on about 50 field crop and livestock commodities. Farmers can apply for a cash advance of up to $100,000 interest-free and an additional $300,000 at prime less 0.5 per cent. Altogether that amounts to $400,000 at a blended interest rate well below prime and considerable borrowing cost savings.

CCGA director of finance and operations Dave Gallant said several changes have been implemented.

“By applying in March, farmers can have their advance processed during our pre-application period, which means their advance could be approved and advance funds available to them early in April,” Gallant said. “Our first advances will be issued to farmers on Monday, April 1.”

Farmers wanting to apply for a cash advance can call CCGA’s Winnipeg office at 1-866-745-2256 to apply over the telephone. Farmers can also download an application form at CCGA’s website or existing customers can soon use the new online application system directly from their online account.

The final date CCGA can issue an advance under the current program is March 31.