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By Alice McFarlane

Cash Advance Program

Interest rate and fee reductions for cash advance program

Mar 3, 2020 | 11:15 AM

Canadian Canola Growers Association (CCGA) is introducing two service improvements with the spring cash advances for farmers.

The Advance Payments Program (APP) is administered by CCGA and applies to over 50 field crop and livestock commodities, as well as honey.

CCGA President and CEO Rick White said the federal government provides the loan guarantee, funds the interest-free portion of advances and helps to make low interest rates on the remainder for Canadian producers.

“For the 2020 program year CCGA has eliminated the administration fee, which was previously set at $50 per applicant. In addition, farmers who take advantage of the interest-bearing benefits of an APP cash advance will see a further reduction in the interest rate to prime less 0.75 per cent,” White said in a news release. “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.”

CCGA Director of Finance Dave Gallant said farmers wanting to get a jump start on their spring cash advance can submit their 2020 application.

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

“Having our application form ready early and reducing fees are examples of how CCGA is enhancing cash advance services for Western Canadian farmers and passing on the benefits from our operational efficiencies directly back to farmers who use the program,” White said.

Applications can be submitted by phone or by filling out an application form at CCGA’s website. Existing customers can use the online application system directly accessible from their online account.

For farmers who have short-term financing needs, CCGA will continue processing applications for the 2019-20 program through March.

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alice.mcfarlane@jpbg.ca

On Twitter: @AliceMcF