FarmCash opens spring application to western Canadian producers
February 2, 2023 By Top Crop Manager
Agricultural producers across Western Canada can now apply without needing to leave their farm for a FarmCash advance of up to $1 million and receive the first $250,000 interest-free to improve their long-term profitability.
Due to rising costs of farm inputs and interest rates, last June, Agriculture and Agri-Food Canada increased the interest-free portion from $100,000 to $250,000 for the 2022-2023 program years to support Canadian agricultural producers.
Although FarmCash, an administrator of the Advance Payments Program, provides interest savings in the form of an advance, FarmCash is also a cash flow management tool that increases farm purchasing power, acts as a bridge gap, and supports producers facing untimely challenges during the production year such as vet bills and unexpected weather.
“As we head into spring, farmers are adjusting their farm business plans in light of the drastic price increases we have seen to key cropping tools such as equipment and fertilizer, and even in land prices relevant to cattle producers,” says Greg Sears, farmer and chair of the Alberta Wheat Commission. “We are proud to offer FarmCash to producers of all sizes of operations to help them succeed and get their production year off to a good start.”
Although producers cannot receive funds on their submitted applications until the new Advance Payments Program year (April 1, 2023), the Feb. 1 spring application opening date is the earliest yet for FarmCash. Producers can apply for FarmCash online at FarmCashAdvance.com or by mail, fax or phone and receive their funds in as few as three to five business days following the start of the new program year.
FarmCash is available on over 50 commodities, including crops, honey and livestock. The Advance Payments Program is a federal loan program administered by the Alberta Wheat Commission. It offers Canadian farmers marketing flexibility through interest-free and low interest cash advances.