The Canadian Cattle Association (CCA) is pleased to see the federal government maintain the increase of interest-free portion of loans under the Advance Payments Program (APP) for the third consecutive growing season.
While we have been advocating for the limit to be kept at $350,000, increasing it to $250,000 is positive for producers across the country.
“The APP is a useful tool for producers and the increased interest-free portion provides welcome relief to keep our sector economically competitive in an unsteady economic environment,” said Nathan Phinney, CCA President. “This sustained increase comes at a time when producers need all economic levers at their disposal to increase food security and economic competitiveness.”
CCA has been leading industry advocacy efforts on maintaining an increased interest-free portion to APP, which would help not only beef cattle producers but farmers across all agriculture sectors. The interest-free portion was set to drop back down to its permanent level of $100,000 which does not account for inflation and escalating input costs. The intent of APP is to help farmers, particularly young farmers, meet those costs.