Cash advances see boost to interest-free limit for 2023

Canadian Canola Growers Association (CCGA) will soon be issuing Advance Payments Program (APP) cash advances under an increased interest-free limit of $350,000 for the 2023 program year. The enhancement, announced earlier today by Agriculture and Agri-Food Minister Marie-Claude Bibeau, will see the maximum interest-free portion of a cash advance increase from $250,000 to $350,000 for the 2023 program, effective May 8, 2023.

“We’re working diligently to get the updates needed in place as quickly as possible,” says Dave Gallant, Director of Finance and APP Operations at CCGA. “Given the current business environment, farmers will be keen to take advantage of the cost savings they can realize from this change.” 

For nearly 40 years, CCGA has been serving the cash advance needs of Western Canadian farmers, many who use the tool as an important source of spring working capital. Through CCGA, farmers can access advances on over 50 commodities including crops, livestock, and honey. Farmers can apply for a cash advance of up to $350,000 interest-free and to a maximum of $1,000,000. The interest-bearing portion is charged an interest rate of prime less 0.75%.