Guelph, ON – – Grain Farmers of Ontario, the province’s largest commodity organization, representing Ontario’s 28,000 barley, corn, oat, soybean and wheat farmers, today thanks Agriculture and Agri-Food Canada (AAFC) Minister Lawrence MacAulay and his team for announcing an increase to the interest-free limit of the Advanced Payments Program for this year.
The Advance Payments Program gives producers access to cash advances of up to $1 million based on the expected value of their crop or other agricultural product. Farmers receive the first $100,000 interest-free, and AAFC can raise that limit if the season warrants it. This year, the limit of the interest-free portion has been raised to $250,000.
“Farmers face a lot of uncertainties and unpredictability. When the weather is bad or prices are low, Ontario’s family farms can be quickly impacted. We appreciate the government’s decision to increase this limit and the access to interest-free loans this will provide farmers,” said Jeff Harrison, Chair, Grain Farmers of Ontario.
“Grain Farmers of Ontario has been advocating to increase the limit for some time, and it is good to see that hard work pay off. We look forward to working with the government on continued improvements to this and other risk programs and to any adjustments that might need to be made in the future,” Harrison continued.
Source : GFO