The Alberta Wheat Commission (AWC) and Agriculture and Agri-Food Canada (AAFC) have announced another competitive option for Alberta’s crop, livestock and honey producers to help manage cash flow throughout the year. Beginning September 1, 2018, AWC will provide cash advances through FarmCash under AAFC’s federal Advance Payments Program (APP).
APP is a federal loan guarantee program which provides agricultural producers with easy access to low-interest cash advances up to $400,000 per program year based on the value of their agricultural product, with the Government of Canada paying the interest on the first $100,000 advanced to a producer and the remaining $300 thousand at a low interest rate.
FarmCash will offer interest free advances and low interest rates on 45 commodities, including all major crops, livestock and honey, through a fully automated and efficient web-based platform. The Alberta Wheat Commission will administer the program which is designed to help producers meet their financial needs, cash flow obligations and increase marketing opportunities to improve profitability.
“AWC believes that like any management tool, farmers need options. By launching FarmCash, AWC saw an opportunity not only to introduce a new competitive option into the market but also to better serve Alberta’s farmers and help improve long-term profitability.” - Kevin Bender, AWC Chair
AWC is committed to administering a fully transparent and accountable business model where 100 per cent of any proceeds from the program will be used to benefit the entire agriculture industry in Alberta.
"Ensuring our programs continue to respond to the needs of farmers remains a priority for our Government. With its established relationships in the province, AWC is well positioned to offer Alberta farmers an additional option for cash advances that will help producers meet their needs and grow their businesses.” - Lawrence MacAulay, Minister of Agriculture and Agri-Food
Producer can sign up to receive notifications here or to call 1-855-376-2274 to learn more about the program. AWC is approved as an official administrator of the Advance Payments Program by Agriculture and Agri-Food Canada.
Source : Alberta Ag and Forestry