Canola Growers Launches Cash Advance Program

The Canadian Canola Growers Association reminds farmers that 2018-2019 cash advance requests are now available.

The CCGA says it is giving farmers a head start to spring with the earliest pre-application period in the group and reduced administration fees for its advance payment program.

“Many farmers are taking advantage of an anticipated seed advance, which gives them cash before they plant,” said Rick White, CEO of the CCGA. “We have already received calls from many farmers who are eager to complete their cash advance documents so that they can focus on the spring work once conditions are right.

Dave Gallant, CCGA director of operations that oversees the program, said the changes will serve farmers better.

“By applying in March, farmers can have their advance processed during our pre-request period, which means their advance could be approved and funds would be available to them in early April,” Gallant said.

The GCAC will begin making advances to farmers on Tuesday April 3.

Recent investments by the CCGA in new technology and process improvements will lead to faster response times and lower costs, White said.

“(This has) allowed us to reduce our administration fee from $ 150 to $ 50 per request, while maintaining our high level of customer service,” he said in a press release.

Through the CCGA, farmers can access advances on 45 crop and livestock products. Farmers can request a cash advance of up to $ 100,000 without interest and an additional $ 300,000 at prime. Together this amounts to $ 400,000 at a weighted interest rate lower than the prime rate.

Farmers who wish to request a cash advance can call the CCGA Winnipeg office at 1-866-745-2256 to apply over the phone. They can also download an application form from the CCGA website.

For farmers with short-term funding needs, the CCGA will continue to process requests for the 2017-18 cash advance program until March. The deadline for the CCGA to make an advance under the current program is March 31, 2018, and the deadline for repayment of a 2017-2018 grain advance is September 30, 2018.

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