Manitoba Crop Alliance launches 2023 APP Cash Advance Program
March 2, 2023 By Top Crop Manager
Manitoba Crop Alliance (MCA) is accepting applications for the 2023 Advance Payments Program (APP), with funds to be issued starting April 1.
The APP is a federal loan program administered by MCA on behalf of Agriculture and Agri-Food Canada (AAFC). It offers Canadian farmers marketing flexibility through interest-free and low-interest cash advances, allowing them to sell their agricultural products based on market conditions rather than the need for cash flow.
“The program is available to farmers across Manitoba and allows them to access funds throughout the growing season when they need them most,” says Pam de Rocquigny, CEO of MCA.
MCA provides cash advances on over 35 different crop kinds, including cereals, grain corn, oilseed crops, pulses, specialty crops, hay and grasses and honey. Farmers can access up to $1 million per program year in advances based on the value of their agricultural product.
In 2023, AAFC will pay the interest on the first $250,000 advanced to a producer. For interest-bearing cash advances, in 2023, MCA has secured lower interest rates that are better than or very competitive with other APP administrators, as well as major banks and credit unions.
For more information about the APP Cash Advance Program, including 2023 application forms, rates and fees and important dates and deadlines, visit mbcropalliance.ca.