July 16, 2019
The Government of Canada announced in May 2019 changes to the Advance Payments Program (APP) that supports farmers with increased loan limits of $1 million (from $400,000) on a permanent basis, and increased interest-free canola advances to $500,000 (from $100,000) in the 2019 program year. All commodities are still eligible for interest free advances up to $100,000.
We are working with the program's 36 administrators, including the Canadian Canola Growers Association, to ensure system changes are implemented as efficiently and effectively as possible.
As of May 29, canola advances are eligible for up to $400,000 in interest-free loans. As of June 26, producers can access advances of up to $1 million with canola advances receiving up to $500,000 interest-free.
These changes will help farmers manage their cash flow, giving them more flexibility during a time of market uncertainty.
The APP is a federal loan guarantee program that offers producers access to low-interest cash advances to help provide marketing flexibility, so they can sell their products at the most opportune times. Advances are available on more than 500 crop and livestock products across Canada.
Learn more about the Advance Payments Program.
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