Farmers in Western Canada can now apply for a 2023 spring cash advance through Canadian Canola Growers Association (CCGA). The Association is launching its 2023 Advance Payments Program (APP) cash advance application today (Feb 9) and encourages farmers to submit their paperwork early to maximize the benefits from their cash advance.
“Many farmers use a spring advance to cover the working capital requirements of putting in the new crop,” says Dave Gallant, Director of Finance and Operations at CCGA. “With rising interest rates, the savings a farmer can realize from using the advance program are more significant than ever, taking into consideration the interest-free component and the interest-bearing rate.”
This year’s program will be similar to last year in several ways; the increased $250,000 interest-free component continues for 2023, and CCGA’s interest rate will remain at prime less 0.75% on up to an additional $750,000. CCGA will begin issuing advances on April 3.
There are no limits to how a farmer can put an advance to work on their farm, including financing spring inputs, investing in farm improvements or repairs, general operating costs, and more. Farmers can apply on over 50 commodities including field crops, large and small livestock, honey, and organic commodities.
For nearly 40 years, CCGA has been helping farmers succeed by providing cash flow solutions through cash advances. Farmers will benefit from several changes that will make applying easier. CCGA’s new online document submission feature simplifies several reporting requirements. CCGA has also streamlined the priority agreement process, which should make applying for a cash advance through CCGA easier and faster for many customers.
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 through our contact center,” says Gallant. “Our team is specially trained to walk new applicants through every step of the process, and for many applicants it only takes 15-20 minutes.” Returning customers can use the self-serve options available from their online account or can also apply through CCGA’s contact centre.
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.
