Manitoba Crop Alliance issues cash advances on winter cereals planted in fall
December 6, 2023 By Top Crop Manager
Manitoba Crop Alliance (MCA) has received approval to start issuing cash advances on winter wheat and fall rye planted in fall 2023 through Agriculture and Agri-Food Canada’s Advance Payments Program (APP).
The APP is a federal loan program administered by MCA. It offers Canadian farmers marketing flexibility through interest-free and low-interest cash advances. Under the program, eligible farmers are eligible to receive up to $1 million, with the Government of Canada paying the interest on the first $100,000 of the advance for the 2024 program year. Funds can be issued in three to five business days once the application process is complete. MCA’s interest rate on interest-bearing cash advances is competitive with major banks and credit unions.
MCA also continues to process applications for the 2023 program year on more than 35 crop kinds and honey.
“As an organization that represents thousands of farmers across Manitoba, MCA understands how important it can be to have the financial flexibility that a cash advance can offer,” says MCA vice-chair Jonothan Hodson. “I know other farmers like myself are busy and our financial needs can be complex, which is why we take great pride in the fast turnaround times we offer on all cash advance applications.”
To apply for an advance under the 2024 program year on winter wheat and fall rye planted in fall 2023, farmers can phone MCA’s office at 204-745-6661 or toll-free at 1-877-598-5685 to request an application form.