Farmers can now apply for cash advances for the 2023 growing season. Producers can get up to $1 million with the first $250,000 interest-free.
The latter is worth more this year because interest rates are so much higher, note administrators of the Advance Payments Program.
“With rising interest rates, the savings a farmer can realize from using the advance program are more significant than ever,” said Dave Gallant of the Canadian Canola Growers Association.
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The loan money won’t be given out until early April but with input costs increasing, now is a good time to submit an application, said the CEO of FarmCash, (which is run by Alberta Wheat).
“With spring around the corner, they can line up their cash flow before the busyness of calving and spring seeding,” said Syeda Khurram.
A list of cash advance administrators, as well as their administration fees and rates on the interest-bearing portion of the loans, can be found at the Government of Canada website.
