New this year, farmers who take out an interest-bearing advance will benefit from a reduced interest rate below prime.
“Farmers anxious to complete their advance application before seeding have been contacting us,” says Rick White, CEO of the Canadian Canola Growers Association (CCGA). “Having our application form ready well in advance of the April 1 program start date is just one way our team is enhancing cash advance services for Western Canadian farmers.”
In the past two years, CCGA has implemented several important changes to its cash advance services, and in 2019, the organization is taking another step to create even more value for farmers.
“We are passing on the benefits from our operational efficiencies directly back to farmers who use the program,” says White. “Beginning this April, farmers who have an interest-bearing advance with CCGA, will benefit from an interest rate of prime minus 0.5%.”
Through CCGA, farmers can access advances on nearly 50 field crop and livestock commodities. Farmers can apply for a cash advance of up to $100,000 interest-free and an additional $300,000 at prime less 0.5%. Combined, that amounts to $400,000 at a blended interest rate well below prime and considerable borrowing cost savings.
Source: Government of Alberta