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News
Improvements to cash advance program


November 3, 2011
By ACC Farmers’ Financial

NEWS HIGHLIGHT

Improvements to cash advance program
The 2012 Advance Payments Program for
greenhouse vegetables, cut flowers and potted plants has undergone major
improvements to better accommodate the needs of growers.

Nov. 3, 2012, Guelph, Ont. — The 2012 Advance Payments Program for greenhouse vegetables, cut flowers and potted plants has undergone major improvements to better accommodate the needs of growers.

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Under the new terms of the program, growers in Ontario, Alberta, and British Columbia will be able to access financing one month earlier than in previous years.

Thanks to feedback from industry associations and the agreement of Agriculture and Agri-Food Canada, the program will now run from November 2011 through to April 2013. In addition to this earlier launch, a number of advance rates have been increased, particularly in the Ontario greenhouse vegetable industry.

“These higher advance rates better reflect commodity prices, and will allow growers access to greater cash flow. Repayment options are also flexible in order to coincide with producers’ sales patterns,” explains Jaye Atkins, CEO of ACC Farmers’ Financial.

ACC is a nationally appointed administrator of Agriculture and Agri-Food Canada’s Advance Payments Program (APP) for thousands of commodities, and recognizes that each grouping of commodities requires a different approach. ACC assures they will continue to listen to feedback received in order to adapt to the needs of the grower.

EASIER ACCESS TO CASH ADVANCES

The APP Program was designed to help growers with their production period and give easier access to cash advances for crops they are planting during the program year. The first $100,000 is interest free with an additional $300,000 available at prime rate. Should you wish to apply, applications are available through the ACC office or on the web site at www.accfarmersfinancial.ca.

For more information on this program and its recent changes, ACC will hold an information session in Leamington on Thursday, Nov. 24. To reserve a seat, e-mail abenedict@accfinancial.ca by Nov.18, 2011.

ACC Farmers’ Financial (ACC) is a not-for-profit farm organization that was founded in 1992 by a coalition of farm organizations and is now comprised of 18 producer associations and marketing boards. Since its inception, ACC has loaned over $2 billion to Canadian farmers.


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