In response to the COVID-19 pandemic, the Canadian government has provided financial assistance to both individuals and businesses, including the agricultural sector. FarmCash allows farmers to make their cash flow management easier and improve their long-term profitability. Under the Advance Payments Program, FarmCash offers interest-free loans and low-interest rates to producers in Alberta, British Columbia, Saskatchewan and Manitoba. Loans are administered by the Alberta Wheat Commission (AWC) for superior customer service, with any proceeds automatically reinvested back into the agriculture industry for the benefit of farmers. FarmCash offers manageable repayment timelines that yield higher profits and maintain the long-term sustainability of farming operations. Producers who apply can get up to $1 million over 50 agriculture commodities, including all major crops, livestock and honey. The first $100,000 is interest-free on all items. “This program has been an existing program for the past 35 years, and we wanted to find out why this program is so under-utilized in Alberta. Only 205 overall Alberta users are taking advantage of this program since its exclusive design for producers as a cash flow tool, so we did some surveys and consulted with the producers. As a result, we designed the farm cash model,” said FarmCash Chief Operating Officer Syeda Khurram. “I’d open this up to farmers to look through this program, as it allows flexibility to manage their cash flow and meet their cash flow through this difficult time. This program is really designed around that,” added Khurram. The Advance Payments Program is a federal loan program administered by the AWC. It offers Canadian farmers marketing flexibility through interest-free and low-interest cash advances. Producers interested in fuelling their farm investments with FarmCash can apply for free using the online application at FarmCashAdvance.com and receive their advance in as little as three to five business days or call 1-855-376-2274 to speak with a FarmCash representative.
Jaxon McGinn, Local Journalism Initiative Reporter, Sunny South News