OTTAWA — Farmers participating in the Advance Payments Program will get immediate access to all dollars borrowed through the program to plant this year’s crops, under changes announced April 6 by the federal government.
Temporarily waived is the two-installment rule that advanced 60% of crop input costs upfront to the farmer and 40% after seeding. One hundred per cent of those funds are now available upon application.
The annual program offers credit up to $1 million, based on the expected value of the crop, with no interest charged on the first $100,000.
The temporary program change comes as producers grapple this spring with soaring fuel and fertilizer costs and related supply-chain issues arising from the pandemic and worsened by war in Ukraine.
“In these uncertain times, it is more important than ever that our farmers are able to maximize their production to feed Canadians and the world,” Agriculture and Agri-Food Minister Marie-Claude Bibeau said.
