Fed government gives more time to repay cash advances
By Top Crop Manager
July 11, 2014 - Western Canadian producers who have been unable to sell their crops due to rail transportation challenges now have more time to repay their 2013 cash advances under the Advance Payments Program (APP).
The federal government has granted a Stay of Default on the repayment of advances for producers who received an advance on their 2013 crops through the Canadian Canola Growers Association (CCGA).
The six-month Stay of Default, which extends to March 31, 2015, was granted at the request of the CCGA to provide producers with more time to repay their outstanding advances. Producers will also have the option to repay their APP advances in cash without penalty. Technical changes are also being implemented to make it easier for all producers to repay their advances by allowing them until the end of the production period to provide proof of sale on any commodity covered by APP.
Producers who received a 2013 APP advance from the CCGA are eligible for the Stay and are encouraged to contact the CCGA for more details.