Alberta Wheat is opening up its FarmCash Advance Payments Program to growers across Western Canada. The farm group began the program in the fall of 2018 and offers cash advances to producers of more than 50 agricultural commodities – including all major crops, livestock and honey.
There are 33 “administrators” of the federal loan guarantee program across the country, some operating in just specific commodities or provinces. Advances of up to $1 million are available with the first $100,000 interest free. But some charge a fee and the interest rate can vary.
Alberta Wheat’s program has no fee and an interest rate of prime minus 0.75 per cent, as does the Canadian Canola Growers Association (the largest administrator) and several others.