Agriculture and Agri-Food Canada recently announced a new version of cash advances for cattle using coverage under the Western Livestock Price Insurance Program (WLPIP).
Under the Advance Payments Program, producers can receive up to $400,000 in advances with the interest on the first $100,000 paid by the government. Advances can be obtained on calves, feeders, fed animals, and breeding stock intended for sale using the animals as the primary form of security, with a program as a secondary form of security. Prior to the 2016 program year, cattle producers could only use AgriStability as the secondary form of security. With this change, producers can now choose between AgriStability or WLPIP as secondary security. The new option is being implemented on a trial basis for the 2016 program year.
To learn more or to request a cash advance, cattle producers in Alberta should contact the Western Cash Advance Program at 780-674-2622.