The Advance Payment Program
The Advance Payments Program (APP) is the new program which is the blend of the previous Spring Credit Advance (SCAP), Enhanced Spring Credit Advance Program (ESCAP) and fall Cash Advance programs. With the new APP, the production period runs up to 18 months from April to September of the following year. A production period refers to the maximum period of time during which a producer can take a cash advance and repay it. Producer must maintain Production (crop) insurance through AGRICORP on the crops financed or CAIS coverage on the crops or livestock financed. A livestock (hogs, cattle and sheep) Advance Payment application is being finalized and is expected to be available in late March or early April. Loans of up to $400,000 are available to qualified borrowers. The first $100,000 borrowed is interest free, with the balance available at an interest rate of prime minus 0.25%.
Information available from the ACC website. www.accfarmersfinancial.ca/ or by calling toll-free 1-888-278-8807
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