Ginseng Storage Loan Guarantee Pilot Program (GSLGPP)
What is the GSLGPP?
The Ginseng Storage Loan Guarantee Pilot Program (GSLGPP) is an industry-led pilot loan guarantee program created by the Government of Ontario. It aims to assist the province’s ginseng farmers in sustaining and growing their business.
To be eligible, you must be enrolled in AgriStability and own the ginseng inventory.
Why should I use the GSLGPP?
It allows you to borrow at low rates, repay as you sell, and market your product when prices are most advantageous
When can I get the GSLGPP?
Funding is available in April each year, and eligible producers can apply at anytime during the year when ginseng inventories are available.
How much can I borrow?
Eligible producers can receive up to $1,000,000 at Prime Interest Rate per year.
How can I get the GSLGPP?
For more information about the program or to process an application over the phone, call ACC toll-free at 1-888-278-8807.
- Available to Ontario Producers
- Capital for ginseng in storage
- $1,000,000 Loan Maximum
- Up to $1,000,000 or approved limit @ Prime
- Financing up to 36 months
- The rate for ginseng in storage is set by the Ontario government, Currently set at $39.07 per kg.
- Loan calculation is related to quantity of ginseng in storage
- The only eligible product is harvested ginseng in storage
- Repayment as crop is marketed, or by repayment deadline, or upon demand
- Deadline to repay: March 31st (36-month program)
- Can keep the loan for up to 36 months as long as there is sufficient ginseng inventories to support the loan balance.