2014 Advance Payments Program (APP) Application
Agricultural Credit Corporation has undertaken this year to simplify the application process for producers and to reduce the workload required by our customers and our staff. Historically, ACC used applications with prior year pricing to be filled out while we waited for the prices to be distributed by Agriculture and Agri-Food Canada. This process created a lot of confusion with our producers and extra work for our staff. This year we have updated the applications and combined the many applications we have had historically into one to reduce confusion with our customers and to provide a simplified streamline application.
Agricultural Credit Corporation (ACC) is a not-for-profit farm organization founded in 1992 by a coalition of farm organizations and is now comprised of 19 producer associations and marketing boards. Since that time, we have provided in excess of three billion dollars in operating funds to Canadian producers.
ACC offers low cost operating loans to producers across Canada. Each member of the Board of Directors is a farmer, many of whom represent other commodity boards or associations. The expertise of ACC is built upon experience gained in offering loans, producer credit review, managing large loan accounts, meeting government loan guarantee parameters and collection of loan repayments.
Agricultural Credit Corporation doesn’t just provide financing for one small portion of your agricultural business – we provide financing in all areas of the development of your products, from planting, through harvesting, right until your product goes to market.
The Commodity Loan Program provides up to 14 months of input financing for grains and oilseeds (corn, soybeans, wheat), and processing vegetables (tomatoes, sugar beets). Eligible companies can receive up to $750,000 at Prime Interest Rate.
The second loan program which is the Advance Payments Program (APP) is a Government of Canada program which supports the provision of cash advances to producers across Canada. Under the APP, Agriculture and Agri-Food Canada (AAFC) provides funding to guarantee advances taken by producers through farm organizations and covers the interest on the first $100,000 in advances taken by each producer under the program. The Advance Payments Program provides up to 18 months of financing for over 4,000 different commodities such as grains and oilseeds, vegetables, livestock (cattle, hogs, sheep, lambs, goats), ginseng, hemp and even potted plants. Eligible companies can receive up to $100,000 interest-free, with an additional $300,000 available at Prime Interest Rate.