Lots Of Interest In Advance Payments Program

The Canadian Canola Growers Association (CCGA) says they're seeing lots of farmers sign up for the Advance Payments Program.

 

Dave Gallant is the CCGA's Director of Finance & Operations.

 

"I think it's largely because, one, we've dropped our interest rate. Right now, on a million dollars, your blended rate is 1.53%. If you're borrowing, even at prime, that's going to save you almost $10,000 per year. If you're borrowing at prime plus a half, that almost 15,000 of savings per year. The other factor is that the Minister increased the program size from $400,000 in 2019 to a million, so we're seeing a number of farmers take out advances over the previous limit."

 

Gallant says they are over $200 million ahead of the pace of a normal year.