News in brief:
– Canadian Canola Growers Association initiates an early application window for 2024 cash advance, offering up to $1 million in financing with a significant interest-free component.
– Local farmers are urged to assess the blended impact of interest-free and interest-bearing components when considering various financing options, highlighting the program’s potential cost savings.
Western Canadian farmers have the opportunity to secure financial support for the upcoming spring season as the Canadian Canola Growers Association (CCGA) launches the early application window for the 2024 Advance Payments Program (APP).
In a recent announcement, Dave Gallant, the Vice President of Finance and APP Operations at CCGA, highlighted the extended application period, providing farmers with more time to apply for assistance crucial for their operations.
Under the program, farmers can access up to $1 million in financing, with a noteworthy interest-free component capped at $100,000. The remaining amount is subject to a competitive interest-bearing rate, set at prime less 0.25$ by CCGA.
Diverse range of eligible commodities
Gallant emphasised the significant cost savings associated with the cash advance program, urging farmers to carefully consider the financial benefits it offers. By blending the interest-free and interest-bearing components, farmers can effectively manage their finances and optimise their resources.
Farmers across the region can apply for assistance across a wide spectrum of commodities, including field crops, livestock, honey, and organic crops, among others. First-time applicants are encouraged to apply through CCGA’s contact center by calling 1â866â745â2256.
“Our team is ready to walk new applicants through every step of the process,” Gallant claimed.
Returning customers can also use the self-serve options available from their online account. For local farmers, this initiative presents a vital lifeline, particularly as they gear up for the upcoming spring season. Access to affordable financing is crucial for maintaining operations, investing in equipment, and ensuring a successful harvest.
