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(Alice McFarlane/farmnewsNOW Staff)
Advance Payments Program

Cash advances issued starting today

Apr 1, 2020 | 10:04 AM

The Canadian Canola Growers Association (CCGA) begins issuing new 2020 spring cash advances to Western Canadian farmers starting today.

CCGA director of finance and operations Dave Gallant said, as expected, there was an immediate response from producers.

“We’ve already had over 1,300 farmers send in their pre-applications in March, so as soon as those applications are processed and approved, farmers will be notified,” Gallant said in a media release.

CCGA has changed the way it operates in response to COVID-19.

“We’ve made adjustments to how we work to ensure we can continue to serve farmers, while helping to minimize the impact of COVID‑19 on our staff, our customers and our community,” he said.

CCGA employees are working remotely and this may cause delays in response to questions or processing advance applications.

There were changes made this year for farmers who take a cash advance.

The administration fee has been eliminated and the interest rate on interest-bearing advances has been reduced to prime less 0.75 per cent.

Through CCGA, farmers can access advances on over 50 field crop and livestock commodities, as well as honey. Farmers can apply for a cash advance of up to $100,000 interest-free and to a maximum of $1,000,000. The interest-bearing portion is charged an interest rate of prime less 0.75 per cent.

The Advance Payments Program is a federal loan program administered by CCGA. It offers Canadian farmers marketing flexibility through interest-free and low interest cash advances.

Farmers wanting to apply for a cash advance are encouraged to call CCGA at 1-866-745-2256 to apply over the telephone.

Farmers can also download an application form at CCGA’s website. Existing customers can use the online application on their online account.

alice.mcfarlane@jpbg.ca

On Twitter: @AliceMcF

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