Cattle, hog, lamb and market sheep producers can now benefit from the Advance Payments Program which features up to $100,000 in interest-free loans. Producers may also qualify for an additional $300,000 at prime minus _% under the same program To access factsheets explaining how the program works, go to: http://www.accfarmersfinancial.ca/advance_payments_program-livestock.html.
2008 Advance Payments Program for Livestock (Emergency)
This Agriculture and Agri-Food Canada program was announced in March 2008 due to the severe economic hardship in the cattle and hog sectors. The program is similar to the "Regular" Advance Payment Program, but has some significant differences.
Key Differences in the Emergency Advance Program:
The Emergency Advance Payment Program advances (loans) are based on the expected (not the current) number of animals to be produced over a 12 month period e.g. between April 1, 2008 and March 31, 2009 or June 1 to May 31.
ACC Farmers' Financial receives a 100% guarantee from Agriculture and Agri-Food Canada. So there is no 2% holdback.
Advances are repaid at the end of the twelve month period (or maximum of a twelve month period) by two installments (minimum of 50% for first installment). The first installment is due no later than 15 calendar days following the period of twelve months from the date that the advance was issued. The second installment is due 30 calendar days following the first installment. However, all advances must be fully repaid no later than September 15, 2009.
Priority agreements with banks, credit unions or other creditors are not required. For Emergency Advances, the federal government takes secondary security to liens for loans already registered by banks, credit unions, and other creditors.
To access factsheets explaining how the emergency advance payment program works for cattle and swine producers, go to: http://www.accfarmersfinancial.ca/advance_payments_program-livestock-emergency.html.
Other Advance Payment Programs
2008 Advance Payments Program for Fresh Market Vegetables
The Advance Payments Program for Fresh Market Vegetables provides producers with access up to $400,000 of input financing with the first $100,000 interest-free and next $300,000 at prime minus _%. The deadline for application is August 1st, 2008. For more information visit: http://www.accfarmersfinancial.ca/advance_payments_program_fmv.html.
2008 Advance Payments Program for Crop Inputs
The Advance Payments Program for Crop Inputs provides opportunities to save. Producers can access up to $400,000 of input financing with the first $100,000 interest-free and next $300,000 at prim minus _%.
Up to 18 months of financing available if used with Advance Payments Program for Crops in Storage.
Must apply for storage program if crop not sold by December 31, 2008.
Amount of financing is related to Production Insurance or Canadian Agricultural Income Stabilization (CAIS)/AgriStability Program coverage.
The program also includes:
Fresh Market Grapes & Tender Fruits,
Processing Grapes and Strawberries,
Raspberries & Blueberries.
For ore information, visit: http://www.accfarmersfinancial.ca/advance_payments_program_crops_in