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New program helps farmers

Gives livestock and honey producers no-interest and low-interest cash advances
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By Emily Jaycox For The Advance

Alberta’s crop, livestock and honey producers may now receive no-interest and low-interest cash advances through a new program, “FarmCash” starting Sept. 1.

The interest-free and low-interest advances will be offered on 45 commodities that producers can apply for online.

FarmCash will be provided through the Alberta Wheat Commission (AWC) and Agriculture and Agri-Food Canada (AAFC).

“AWC believes that like any management tool, farmers need options,” said Kevin Bender, AWC Chair in a press release.

“By launching FarmCash, AWC saw an opportunity not only to introduce a new competitive option into the market but also to better serve Alberta’s farmers and help improve long-term profitability.”

The FarmCash advances will come through the AAFC’s federal Advance Payments Program (APP).

The APP is a federal loan guarantee program that provides agricultural producers with low-interest cash advances.

Producers can receive up to $400,000 per program, per year, based on the value of their agricultural product.

The Government of Canada pays the interest on the first $100,000, and the remaining is paid by the producer at a low-interest rate.

According to the press release, 100 per cent of the proceeds from the program will be reinvested in the Alberta agriculture industry.

The program is designed to “help producers meet their financial needs, cash flow obligations and increase marketing opportunities to improve profitability,” stated the release.

“Ensuring our programs continue to respond to the needs of farmers remains a priority for our Government,” said Lawrence MacAulay, minister of AAFC, in the release.

Farmers can visit albertawheat.com/our-programs/farmcash-advance or call 1-855-376-2274 for more information about the program.

They can also e-mail their questions to Syeda Khurram, chief operating officer of FarmCash, at skhurram@albertawheatbarley.com.