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Cashflow is a major challenge for any business, but farmers can be especially vulnerable to declines. A volatile climate and the winter season add to the usual pressures these businesses face, on top of the tough year many have had with the pandemic. Fortunately, help is out there for farmers looking to keep cash flow in uncertain times.
The Advance Payments Program can offer cash advances to farmers based on the value of their inventory or their commodity in production. This lets them improve cashflow when times are tough, and to better ride out seasonal lows in business. With the APP playing a more vital role for producers than ever during the COVID-19 pandemic, the program can better help farm producers through this challenging time.
The first $100,000 of cash advancement is interest-free, and advancements of up to $1,000,000 are available to producers. This is vital aid for Canada’s agriculture industry during the business disruption of a pandemic economy. To apply, farmers just need to contact one of the 32 program administrators across the country to learn what cash advances are available to each type of producer.
Find more information at agr.gc.ca/app.
—NC
