FarmCash fall advance opens

Alberta farmers can apply to receive up to $1 million in cash advances

FarmCash administrators opened applications for post-harvest fall advances the beginning of Sept.

The cash advance program is in its third year helping Alberta producers, said Syeda Khurram. She’s the chief operating officer of FarmCash.

“We deliver the program on behalf of Agriculture and Agri-Food Canada. The purpose of the advanced payments program is to increase farmers’ marketing opportunities for their agricultural products by improving their cash flow,” she told Farms.com.

Producers can receive up to $1 million in cash advances. The first $100,000 is available interest free and the rest is offered at prime minus 0.75 per cent, said Khurram.

The application is available online and is designed to make the process easy for busy farmers.

“We are committed to innovating and evolving to meet producers’ needs and expectations. We want to continue to deliver in the best possible customer service for producers in Alberta,” said Khurram.

Producers who apply and are approved for the program can potentially receive funds in as few as three to five business days.

“All Alberta producers can apply. We offer advances to over 50 commodities,” said Khurram.

Currently, 27 per cent of producers in Alberta use FarmCash, but program administrators hope to increase these numbers, she said.

“Our goal is to issue timely advances that address producers’ emerging needs and changing economic trends which enables farmers to conduct their business effectively. We want users to leverage the program for their farm sustainability for the future,” Khurram said.

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