FarmCash spring applications are now open with a lower interest rate than ever before, a release from Alberta Wheat Commission (AWC) says. Farmers can now apply to receive funds as early as April 1 at a reduced interest rate of prime minus 0.75 per cent, also farmers will no longer need to pay a fee to apply.
Alberta producers can apply for up to $1 million with $100,000 interest free on over 50 agriculture commodities. FarmCash is a competitive Advance Payments Program option under Agriculture and Agri-Food Canada. The Advance Payments Program is a federal loan program administered by AWC.
“Our reduced interest rate is timely with the challenges farmers have faced this year, and the time saving features we offer ensure you can spend more time in the field and less time doing paperwork,” Todd Hames, AWC chair, says in the release.
The online application accepts e-signatures, features an automatic loan calculator, and includes a document upload feature. FarmCash also offers producers the option to have a customer service representative verify priority agreements on their behalf.