Winnipeg, MB — April 1st is an especially important day at Canadian Canola Growers Association (CCGA), because it's the day the organization begins issuing new 2020 spring cash advances to farmers across Western Canada.
Along with a new year of issuing advances, come some important changes for farmers who take an Advance Payments Program (APP) cash advance through CCGA. "New this year, we have eliminated the administration fee and reduced the interest rate on interest‑bearing advances to prime less 0.75%," says Rick White, President & CEO at CCGA.
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.
Through CCGA, farmers can access advances on over 50 field crop and livestock commodities, as well as honey. Farmers can apply for a cash advance of up to $100,000 interest‑free and to a maximum of $1,000,000. The interest‑bearing portion is charged an interest rate of prime less 0.75%.
"We've already had over 1,300 farmers send in their pre‑applications in March, so as soon as those applications are processed and approved, farmers will be notified," says Dave Gallant, Director of Finance and Operations at CCGA.
Like other organizations, CCGA has changed the way it operates in response to COVID‑19. "We've made adjustments to how we work to ensure we can continue to serve farmers, while helping to minimize the impact of COVID‑19 on our staff, our customers and our community," says Gallant.
All CCGA employees are working remotely and CCGA is no longer receiving walk‑in traffic. "The changes we have made are necessary to maintain service for farmers, but they may cause delays in our ability to respond to questions or process advance applications at our normal service standard levels," says White. "Be assured that we are doing our very best to serve farmers' needs as effectively as possible."
Farmers wanting to apply for a cash advance are encouraged to call CCGA at 1‑866‑745‑2256 to apply over the telephone. Farmers can also download an application form. Existing customers can use the online application system directly accessible from their online account.
CCGA represents canola farmers on national and international issues, policies and programs that impact farm profitability, and has been administrator of the Government of Canada's Advance Payments Program since 1984.