Reading Time: 5 minutes There’s been a surge in the number of farmers seeking cash advances thanks to soaring interest rates and a big increase in the interest-free portion of the loan. And the deal might even be tempting farmers who don’t need an operating loan. On April 3, the opening day of the 2023 program, the Canadian Canola […] Read more
Cash advance applications soar along with interest rate
With the interest-free portion being upped to $350,000, producers would save thousands — or even invest it
Many farmers – but not all – are cashing in on interest-free loans
With the first $250,000 interest-free, producers can save big with a cash advance
Reading Time: 4 minutes There may not be such a thing as free cash, but an interest-free loan of up to a quarter-million dollars may be the closest thing to it. Administrators of the federal Advance Payments Program say they’ve seen a big jump in applications since the interest-free portion of the loan was increased to $250,000 (from $100,000 […] Read more
Take advantage of cash advances, says expert
Right now, producers can get a loan of up to $250,000 interest free
Reading Time: < 1 minute Farmers who aren’t getting cash advances to reduce their interest expenses should take another look at the federal program, says a provincial crops market analyst. The Advance Payments Program, as its formally called, has been expanded over the years and now covers a wider range of farming operations but “many producers do not take advantage […] Read more
Cash advance change could put $5,000 in your pocket
Government is raising the interest-free portion to $250,000, saving farmers an estimated $61 million
Reading Time: 2 minutes Canadian farmers with cash advances will save $61 million in interest charges over the next two years after Ottawa boosted the interest-free portion of the Advance Payments Program. Producers can borrow up to $1 million against the expected value of their commodities in a program year, with the first $100,000 interest-free and the rest at […] Read more
It’s looking like a bumper crop of cash advances this spring
Cash flow a major issue as drought has left producers with less money while inputs have shot up
Reading Time: 4 minutes Groups administering cash advances are expecting a flood of applications from cash-strapped producers grappling with the sky-high costs of putting a crop in the ground. “We certainly think there is going to be demand because of how nasty last year was,” said Dave Gallant of the Canadian Canola Growers Association. “There’s going to be so […] Read more
Repayment of 2018 cash advances now due
Deadline is September 30
Reading Time: < 1 minute If you took advantage of Ottawa’s extended repayment deadline for cash advances, the time to pay the loan has run out. In March, the deadlines for repayments of 2018 cash advances for grains, oilseeds pulses, cattle and bison were extended to Sept. 30 (from April 30 previously) because of the pandemic. The extensions, which affected […] Read more
Cash advances take a ‘very dramatic’ jump, say administrators
Farmers can now borrow more against crops in their bins, and that’s what they’re doing
Reading Time: 4 minutes There’s been a “very dramatic” spike in applications for cash advances since Ottawa upped the amount farmers can borrow against crops in their bins. “We’ve had probably an extra 500 applications this year, and it’s not just new producers to the program — it’s also increased usage of the program by our existing customers,” said […] Read more
Grain growers get extension on 2018 APP repayment
Grain, oilseed and pulse crop growers who took out cash advances from the Advance Payments Program for the 2018-19 crop year will get an extra six months to repay, effective Friday. Federal Agriculture Minister Marie-Claude Bibeau on Thursday announced a six-month stay of default for APP advances on grains, oilseeds and pulses, to March 31, […] Read more
Cash advance boost to take effect next week
Regulations permanently expanding loan limits under the federal Advance Payments Program — and temporarily boosting interest-free advances for canola growers — are in place for applications to begin next Monday at the earliest. Agriculture Minister Marie-Claude Bibeau said Monday amendments to the Agricultural Marketing Programs Regulations are now in place to boost the APP loan […] Read more
Alberta Wheat says its cash advance program will be different
Farm group says it will streamline the process, but competitor says it’s needless duplication
Reading Time: 3 minutes Alberta farmers now have another service provider when it comes to selecting a cash advance. Producers in the province can now choose from 11 organizations — five offering cash advances for grains and oilseeds — when seeking a low- or no-interest loan pledged against their crops, livestock, or other agricultural products. But the Alberta Wheat […] Read more
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