Crop producers granted extension to repay cash advances
"Our government is working closely with our farmers to meet their needs and is taking many concrete steps to help them deal with the current market turmoil. This Stay of Default will give them more flexibility and the room to maneuver so they can better manage their liquidity."
- The Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food
The Advance Payments Program is a financial loan guarantee program that provides producers easy access to credit through cash advances. There was over 21,000 producers who participated in the program in 2018, and the average advance was approximately $118,000.
For the 2018 program year, 12,902 grains, oilseed and pulse producers took more than $1.68 billion in advances, representing a 3% increase in the number of grains, oilseed and pulse producers taking advances under the program, and a 6% increase in the value of advances taken in 2017.
As of July 31, there has been close to 1,100 new producers who have joined the program in 2019 and there has been approximately 360 producers who have returned to the program after not participating in the last three years.
Office of the Minister of Agriculture and Agri-Food
Agriculture and Agri-Food Canada
Follow us on Twitter: @AAFC_Canada
Like us on Facebook: CanadianAgriculture
Report a problem or mistake on this page
- Date modified: