Cash Advance Option Available For Unharvested Grain

Posted by Sana on 01/17/2017 in Cash Advances | Short Link

Farmers who have been unable to harvest their 2016 crops may be eligible for a cash advance under a revised application deadline.

Canadian Canola Growers Association (CCGA) will accept new seeded cash advance applications until March 2017.

“The deadline extension means farmers have a new option for generating cash flow even though they have unharvested crops,” says Rick White, CEO of CCGA. “This deadline change applies equally to farmers already enrolled in the 2016 program, as well as those who are applying for the first time.”

Farmers are still required to meet all existing seeded advance requirements including provision of security, reporting requirements, and repayment deadline.

“In the past we could not issue seeded advances after August 31st,” says Dave Gallant, Director of Operations at CCGA. “This change creates an opportunity for many farmers across the Prairies who were not able to complete harvest this year due to weather difficulties.”

Advances also remain available for grains already harvested and stored in bins.

The advance payments program is a federal loan guarantee program, which provides agricultural producers with access to low-interest cash advances.

The program is part of Agriculture amp; Agri-Food Canada’s suite of business management programs.

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