Canadian Canola Growers Association media release
Winnipeg, Manitoba – November 15, 2016 Farmers who have been unable to harvest their 2016 crops may be eligible for a cash advance under a revised application deadline. For this program year, Canadian Canola Growers Association (CCGA) will accept new seeded cash advance applications until March 2017.
“The deadline extension means farmers have a new option for generating cash flow even though they have unharvested crops,” says Rick White, CEO of CCGA. “This deadline change applies equally to farmers already enrolled in the 2016 program, as well as those who are applying for the first time.”
CCGA will begin accepting applications for unharvested grain today. Farmers are still required to meet all existing seeded advance requirements, including:
- Provision of Security – seeded advances must be secured by either crop insurance or AgriStability. Farmers who use crop insurance must provide proof that their coverage has been extended beyond November 15, 2016.
- Reporting requirements – once the crop has been harvested, a post-harvested report is required.
- Repayment deadline – Advances are repayable as the grain is sold. The final date for repayment on a 2016 grain advance is September 30, 2017.
“In the past we could not issue seeded advances after August 31st,” says Dave Gallant, Director of Operations at CCGA. “This change creates an opportunity for many farmers across the Prairies who were not able to complete harvest this year due to weather difficulties.” Gallant also reminds farmers that advances remain available for grains already harvested and stored in their bins.
Farmers interested in learning more about Advance Payments Program (APP) and eligibility requirements for a 2016 cash advance can call CCGA at 1-866-745-2256 or visit CCGA’s website at www.ccga.ca.
The Advance Payments Program is a federal loan guarantee program, which provides agricultural producers with access to low-interest cash advances. The program is part of Agriculture & Agri-Food Canada’s suite of business management programs.
CCGA represents more than 43,000 canola farmers on national and international issues, policies and programs that impact farm profitability. CCGA has been an APP administrator since 1984, issuing cash advances on over 45 different crops and livestock types.
Kelly Green, Director of Communications
t: 204.789.8821 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.
Tags: cash advance