FarmCash launched its new online platform for the spring advance May 14. With several new time saving features, this step-by-step, web-based system makes it easier than ever for Alberta producers to apply. FarmCash offers Advance Payment Program (APP) advances on more than 45 commodities with a reduced interest rate of prime minus 0.5 per cent.
The new platform offers:
- The ability to accept e-signatures;
- An automatic calculator for eligible funds;
- The option to have FarmCash collect priority agreements on your behalf;
- A document upload feature.
“As we were developing the latest version of the online platform, we pin-pointed areas that could be time consuming for applicants and came up with solutions that will speed up the application process,” says Syeda Khurram, FarmCash Chief Operating Officer. “At FarmCash, our mission is to provide farmers with a tool that helps increase profitability, but if we can make the process as simple and easy as possible, that’s even better.”
Farmers may also apply through the downloadable PDF version that was launched in April, call our office or apply in person at the address listed below.
Following news that the federal government plans to increase advance limits, FarmCash is also working with Agriculture and Agri-Food Canada to implement the changes. Advance limits will increase from $400,000 to $1 million on all commodities. The interest-free portion will also increase from $100,000 to $500,000 on canola only, while the current $100,000 interest-free maximum will remain on all other commodities. FarmCash looks forward to informing farmers when the changes come into effect.
“Advance limits will remain at $400,000 with $100,000 interest-free while implementation details are sorted out. But farmers who are seeking the higher advance should contact FarmCash at 1-855-376-2274 or send an email [email protected] and we will process your request as soon as the new limits are implemented. We look forward to issuing the increased advance as soon as it becomes available,” Khurram said.
FarmCash is a competitive cash advance option under the federal government’s APP program and is owned and operated by the Alberta Wheat Commission. For more information or to apply, visit farmcashadvance.com.
Source: Alberta Wheat Commission
