CCGA Preparing for Enhanced Interest-Free Benefit for 2024 Cash Advances

Winnipeg, MB—​Yesterday, the Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food, announced that the interest‑free limit for the 2024 Advance Payments Program (APP) was being increased to $250,000, effective March 25, 2024. Canadian Canola Growers Association (CCGA) began accepting applications for the 2024 Program in mid-February, and starting today will be implementing the necessary changes to deliver cash advances at this higher interest‑free benefit. Previously, the interest-free limit was $100,000.

​"This program enhancement is welcome news for farmers, saving them thousands of dollars in interest costs and putting additional cash flow in their hands as they step into a new growing season," says Rick White, President & CEO of CCGA. "Starting today, we're taking action to implement the new interest‑free limit as quickly as possible to serve the working capital needs of Western Canadian farmers."
CCGA will begin issuing advances for the 2024 APP on April 2, 2024.

"We're eager to sort out the program details this week so all farmers, including those who have already applied for a 2024 cash advance, can fully benefit from these changes," says Dave Gallant, CCGA's Vice-President, Finance & APP Operations. "CCGA will be notifying customers about the program change and any actions required on their part. We hope to make the process seamless for farmers."

CCGA has four decades of experience providing cash advances to farmers across Western Canada. Through CCGA, farmers can access advances on over 50 commodities including crops, livestock, and honey. Farmers can apply for a cash advance of up to $250,000 interest‑free to a maximum of $1,000,000. The interest-bearing portion is charged an interest rate of prime less 0.25%.

Farmers considering a cash advance for the first time are encouraged to call CCGA at 1‑​866‑745‑​​​2256 to apply over the telephone. Existing customers can use the self-serve options available from their online account, apply over the tele​phone, or download an application form​.

The Advance Payments Program is a federal loan program administered by CCGA. It offers Canadian farmers marketing flexibility through interest-free and low-interest cash advances.

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