Starting today, farmers from across Western Canada can apply for a 2024 spring cash advance through Canadian Canola Growers Association (CCGA). “We’re launching our early application window for the 2024 Advance Payments Program (APP), giving farmers more time to apply,” says Dave Gallant, Vice-President, Finance & APP Operations at CCGA.
Many farmers use a spring advance to cover the working capital requirements of putting in the new crop. This year’s program offers farmers a combination of no- and low-interest financing for their farm business. Applicants are eligible for up to $1 million in financing, with the interest-free component at $100,000 and the remaining at CCGA’s interest-bearing rate of prime less 0.25%.
“The interest cost savings that a cash advance offers can be significant,” says Gallant. He encourages farmers to consider the blended impact of the interest-free and interest-bearing components when comparing various financing options.
There is also plenty of flexibility with a cash advance. It can be used to finance spring inputs, invest in farm improvements or repairs, cover general operating costs, or however it works best for the specific needs of the farm. Farmers can apply on over 50 commodities including field crops, large and small livestock, honey, and organic commodities.
With four decades of cash advance experience, CCGA is continually seeking feedback to streamline services. “Our updated and easier-to-use online application is an example of improvements we have implemented that originated from customer feedback,” says Gallant.
First-time applicants are encouraged to apply through CCGA’s contact center by calling 1.866.745.2256. “Our team is ready to walk new applicants through every step of the process,” says Gallant. Returning customers can also use the self-serve options available from their online account at www.ccga.ca.
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.