If you’ve been unable to harvest your crops this fall, you may still be eligible for a cash advance under a revised application deadline.
For this program year the Canadian Canola Growers’ Association (CCGA) will accept new seeded cash advance applications until March 2017.
“The deadline extension means farmers have a new option for generating cash flow even though they have unharvested crops,” said Rick White, CEO of CCGA, in a news release. “This deadline change applies equally to farmers already enrolled in the 2016 program, as well as those who are applying for the first time.”
Farmers are still required to meet all existing seeded advance requirements, such as provision of security through either crop insurance or AgriStability, including proof crop insurance coverage has been extended past Nov. 15, 2016. After the crop is harvested, a post-harvest report is still required.
Advances are repayable as the grain is sold. The final date for repayment on a 2016 grain advance is September 30, 2017.
“In the past we could not issue seeded advances after August 31st,” says Dave Gallant, CCGA director of operations. “This change creates an opportunity for many farmers across the Prairies who were not able to complete harvest this year due to weather difficulties.”
Gallant also reminded farmers that advances remain available for grain already harvested and stored.