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Repayment deadline approaches for certain APP producers
| As we approach the End Of Production Period (EOPP) for all storable products, Agricultural Credit Corporation (ACC) would like to remind producers participating in the Advance Payments Program (APP) that loan repayments are due by September 30, 2025. This date marks the EOPP for all storable products registered under the 2024 APP year. The APP is a Government of Canada initiative which supports the provision of cash advances to producers across the country. Financing is available for over 4,000 different commodities, including grains and oilseeds, vegetables, livestock, ginseng, hemp, and even potted plants. Eligible producers can receive up to $250,000 interest-free in the 2025 Program Year, with an additional $750,000 available at the Prime Interest Rate, for a total of $1,000,000. The production period for each agricultural product is determined based on its growing, harvesting/finishing and marketing cycle. This period forms the basis for the APP advance and repayment cycle for that specific product.
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| Agricultural Credit Corporation (ACC) has appointed AJ Gill and Brodie Berrigan to its Board of Directors. This decision, made at the 2024 Annual Meeting, aligns with ACC's mission to enhance leadership and support for Canadian farmers. AJ Gill, a Partner at MNP and Director of Agriculture Risk Management Resources, has a notable history with federal and provincial governments and community organizations. Brodie Berrigan, Director of Government Relations and Farm Policy at the Canadian Federation of Agriculture, has extensive experience in federal departments and policy advocacy. Their addition to the board is expected to bring innovative ideas and strong advocacy for the agricultural community. ACC, established in 1992, is a not-for-profit that provides low-cost operating loans to Canadian producers, with a significant track record in supporting the agricultural sector.
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| Today, the Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food, announced that the interest-free limit of the Advance Payments Program has been set at $250,000 for the 2024 program year. This is the portion of advances on which the Government of Canada pays the interest on behalf of producers.
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| In recognition of the significant financial challenges facing Canadian producers, the Minister of Agriculture and Agri-Food, the Honourable Marie-Claude Bibeau, today confirmed that the interest-free limit of the Advance Payments Program has been increased from $250,000 to $350,000 for the 2023 program year, effective May 8, 2023. This is the portion of advances on which the Government of Canada pays the interest on behalf of producers.
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