As of May 8, 2023, western Canadian producers may receive the first $350,000 interest-free on FarmCash advances of up to $1 million, a $100,000 increase to the interest-free limit for the remainder of the 2023 Advance Payments Program (APP) year. Highly welcomed by producers, the change proposed in Budget 2023 and announced today by Agriculture and Agri-Food Canada Minister Bibeau is a temporary measure to support producers facing cash flow pressures and increased inflation on fuel, fertilizer and feed over the 2023 growing season.
Today’s announcement comes nearly one year after the Minister announced that the interest-free portion of advances would be temporarily increased from $100,000 to $250,000 until the end of the 2023 program year. Eligible producers could save an additional $3,600 in interest costs on average for the year through the latest additional increase from $250,000 to $350,000.
The additional changes to the APP in recent years are striking a chord with producers and are making on-farm differences to their long-term profitability.
“FarmCash is experiencing tremendous growth and the sheer volume of producers applying reiterates the demand for the Alberta Wheat Commission to provide the program and support western Canada’s agriculture industry in light of increased inflation,” says Greg Sears, Alberta Wheat Commission chair and farmer near Sexsmith, Alberta. “We are pleased to see this additional change to the program that will help ensure producers of all sizes of operations and of a variety of commodities can get their growing season off to the right start.”Click here to see more...