The inbox is open for farmers to apply for the Advance Payments Program, the Canadian Canola Growers Association announced February 18.
“In more than 35 years of operations, this is the earliest that CCGA has started accepting applications for the Advance Payments Program,” said Dave Gallant, director of finance and operations at CCGA, in a news release.
“We’re already in touch with a waiting list of farmers,” he added.
The Advance Payments Program is a federal loan program administered by CCGA, which offers farmers interest-free and low-interest cash advances.
Farmers can apply for a cash advance of up to $100,000 interest free and to a maximum of $1,000,000, CCGA said. The interest-bearing portion is charged an interest rate of prime less 0.75 per cent.
Returning customers will see a simplified signature process for online CCGA forms and streamlined data entry steps, the organization said.
CCGA processes applications through March, and will begin issuing funds on approved advances on April 1, 2021.