By Alice McFarlane

Advance Payments Program cash advance opens earlier for 2022

Feb 9, 2022 | 3:53 PM

MELFORT, Sask. — Farmers will have more time to apply for a cash advance under the Advance Payments Program (APP).

The Canadian Canola Growers Association (CCGA) released its 2022 APP cash advance application today and invited farmers to complete their application during the early application phase, which runs from now until March 31.

The advance can provide financing for crop inputs while reducing overall farm borrowing costs.

CCGA director of Finance and Operations Dave Gallant said there were two priorities as they prepared to launch the applications.

“Farmers told us they want to apply as early as possible, and they want to do it as quickly as possible,” Gallant said. “We listened and have facilitated a number of improvements this year.”

GST Holiday

Federal government's two-month GST holiday begins

10h ago

Imminent need

Council set to discuss possible location for homeless shelter on 15th Street

15h ago

International Spotlight

P.A.'s Howe one of 4 Sask. born players named to Canada's World Junior roster

Dec 13, 2024

Farmers seeking options to finance their spring inputs can take advantage of low-interest rate and user flexibility. Many farms include a cash advance as part of their financial toolkit each spring.

Producers can apply for up to $100,000 interest-free and up to an additional $900,000 at an interest rate of prime less 0.75 per cent. Farmers can apply for more than 50 commodities, including field crops, large and small livestock, honey, and organic commodities as well.

Gallant recommended first time applicants to apply through our contact center to help them through the process.

“Our team is specially trained to walk new applicants through every step of the process, and for many applicants it only takes 15 to 20 minutes. Returning customers can use the self-serve options available from their online account or can also apply through CCGA’s contact centre,” he said.

There are no restrictions on how or where farmers can put an advance to work, and funds become available as early as April 1.

Usually, the CCGA handles between 8,000 and 9,000 advance payment applications in a normal year.

Farmers wanting to learn more about the cash advances can visit the CCGA website.

–

alice.mcfarlane@pattisonmedia.com

On Twitter: @farmnewsNOW