Posted February 1, 2023
Starting today, February 1, 2023, agricultural producers across Western Canada can 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.
With more-than-double-the-increase to the interest-free limit and a new autofill feature that makes applying quicker and easier than ever, there has never been a better time than this spring for producers to use FarmCash to support their farm’s success.
Although FarmCash, an administrator of the Advance Payments Program, provides significant 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), today’s spring application opening date is the earliest yet for FarmCash and speaks to its dedication to better service western Canadian producers.
"Producers should know they have options for farm financing in preparation for the new production year, and with spring around the corner, they can line up their cash flow before the busyness of calving and spring seeding," says Syeda Khurram, chief operating officer of FarmCash. "Our goal is to provide excellent service and support, from application to repayment 18 to 24 months later, while supporting farm success."
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 interest-bearing portion of a FarmCash advance is subject to the lowest lending rate available across administrators of TD prime minus 0.75 per cent.
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.
For more information, please contact:
FarmCash Chief Operating Officer
For media inquiries, please contact:
Marketing Communications Specialist
Alberta Wheat and Barley Commissions