Canadian Canola Growers Association media release
Winnipeg, Manitoba – March 2, 2020 — Canadian Canola Growers Association (CCGA) is kicking off its 35th year of providing spring cash advances to farmers with two important service improvements.
“For the 2020 program year CCGA has eliminated the administration fee, which was previously set at $50 per applicant,” says Rick White, President & CEO at CCGA. “In addition, farmers who take advantage of the interest‑bearing benefits of an Advance Payments Program cash advance offered through CCGA will see a further reduction in the interest rate to prime less 0.75%.”
The Advance Payments Program is a federal program administered by CCGA. Under the program, the Government of Canada provides the loan guarantee, funds the interest‑free portion of advances and helps to make low interest rates on the remainder for Canadian producers.
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%.
“Beginning today, farmers wanting to get a jump start on their spring cash advance can submit their 2020 application to our office,” says Dave Gallant, Director of Finance and Operations at CCGA. “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. Our first advances will be issued to farmers on April 1st.”
“Our commitment to Helping Farmers Succeed is central to everything we do,” says White. “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.”
Farmers wanting to apply for a cash advance are encouraged to call CCGA at 1‑866‑745‑2256 to apply over the telephone. “Our experienced team makes it easy for new customers to apply and will work with them through every step of the application,” says Gallant. Farmers can also download an application form at CCGA’s website or 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.
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.
Kelly Green, Director of Communications
e: [email protected]
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.