FarmCash gives a helping hand to Alberta farmers
In response to the COVID-19 pandemic, the Canadian government has provided financial assistance to individuals and businesses, including the agricultural sector. FarmCash makes it easier for farmers to manage their cash flow 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 in the agriculture industry for the benefit of farmers. FarmCash offers manageable payback times that generate higher profits and maintain the long-term sustainability of farming operations. Producers who apply can get up to $ 1 million on 50 agricultural products, including all major crops, livestock and honey. The first $ 100,000 is interest free on all items. “This program has been around for 35 years and we wanted to know why this program is so underutilized in Alberta. Only 205 users across Alberta have taken advantage of this program since it was designed exclusively for producers as a cash flow tool, so we conducted surveys and consulted with producers. As a result, we designed the farm cash model, ”said Syeda Khurram, COO of FarmCash. “I would suggest that farmers go through this program because it allows them to manage their cash flow and meet their needs during this difficult time. This program is really designed around that, ”added Khurram. The Advance Payments Program is a federal loan program administered by AWC. It offers Canadian farmers marketing flexibility through interest-free, low-interest cash advances. Producers interested in fueling their agricultural 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 to a FarmCash representative.
Jaxon McGinn, Local Journalism Initiative reporter, Sunny South News