Cash advances see boost to interest-free limit for 2023
Canadian Canola Growers Association (CCGA) media release
Winnipeg, Manitoba – May 10, 2023 Canadian Canola Growers Association (CCGA) will soon be issuing Advance Payments Program (APP) cash advances under an increased interest-free limit of $350,000 for the 2023 program year. The enhancement, announced earlier today by Agriculture and Agri-Food Minister Marie-Claude Bibeau, will see the maximum interest-free portion of a cash advance increase from $250,000 to $350,000 for the 2023 program, effective May 8, 2023.
“We’re working diligently to get the updates needed in place as quickly as possible,” says Dave Gallant, Director of Finance and APP Operations at CCGA. “Given the current business environment, farmers will be keen to take advantage of the cost savings they can realize from this change.”
For nearly 40 years, CCGA has been serving the cash advance needs of Western Canadian farmers, many who use the tool as an important source of spring working capital. Through CCGA, farmers can access advances on over 50 commodities including crops, livestock, and honey. Farmers can apply for a cash advance of up to $350,000 interest-free and to a maximum of $1,000,000. The interest-bearing portion is charged an interest rate of prime less 0.75%.
“CCGA will be reaching out to our existing customers to explain the impact of this program change and any actions that will be required on their part,” says Gallant. “We hope to make the process seamless and easy for farmers.”
Farmers wanting to learn more about cash advances offered through CCGA can call 1-866-745-2256 or visit CCGA’s website www.ccga.ca.
“We encourage first time applicants to apply by calling our contact centre,” says Gallant. “Returning customers can use the self-serve options available from their online account or can also call us directly.”
“CCGA appreciates steps taken by Minister Bibeau to provide farmers with options for tackling the challenges they face today,” says Rick White, President & CEO at CCGA. “We look forward to working through the administrative changes needed to implement this program change as soon as possible.”
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.
Canadian Canola Growers Association (CCGA) represents canola farmers on national and international issues, policies and programs that impact farm profitability, and has been administrator of the Government of Canada’s Advance Payments Program since 1984. For more information visit ccga.ca or follow CCGA on Twitter @ccga_ca or LinkedIn.
Contact:
Kelly Green, Director of Communications
t: 204.228.5127
e: kellyg@ccga.ca
The Alberta Canola Producers Commission is a farmer directed organization representing Alberta’s 14,000 canola growers and is a member of the Canadian Canola Growers Association.