Today, the federal government has announced the increased loan limits for the Advanced Payments Program (APP) will be accessible to Canadian farmers through administrators on June 26, 2019. The Alberta Wheat Commission (AWC), the administrator of the FarmCash program, urges interested producers to call the FarmCash office and begin their application process so funds can be issued as soon as they are available.
Increased cash advance funds include:
· Maximum loan limit increases from $400,000 to $1 million on all commodities.
· Interest-free portion on canola advances increases from $100,000 to $500,000.
· Interest-free portion on all other commodities remains $100,000.
The government also announced that the maximum loan limit increase to $1 million will be a permanent APP amendment for all producers.
AWC has been working closely with Agriculture and Agri-Food Canada (AAFC) to implement the new limits since the initial announcement of the APP loan limit increases made by Agriculture Minister, Marie-Claude Bibeau on May 1, 2019.
“We have been working very closely with AAFC over the last few weeks to deliver these new limits in a timely fashion,” says Syeda Khurram, FarmCash’s Chief Operating Officer. “We look forward to getting through the regulatory hurdles and being able to offer farmers an enhanced program.”
Producers can expect the increased funds to be available on June 26, but can get ahead by calling the FarmCash office to start their paperwork process now. Farmers looking for more information on the loan limit increase can contact a FarmCash representative by calling 1-855-376-2274 or by emailing email@example.com. For more information farmers can also read the AAFC Q&As which can be found here.