Camelina added to Canada's 2014 cash advance program for growers
SASKATOON, Sept 29, 2014 - Camelina is being included for the first time in Canada's Advance Payments Program (APP), commonly known as the cash advance program.
Western Canadian farmers can apply for a pre-harvest cash advance on actual seeded acres of Camelina, or, after the crop is in the bin, for a post-harvest advance of up to $400,000. The cash advance rate paid to Camelina growers for the inaugural 2014 crop year is $198 per metric tonne.
"Smart Earth is leading the introduction of Camelina as a new oilseed crop in Western Canada. The 2014 crop year has been excellent and we have established a wide distribution of growers throughout West Central and Southwest Saskatchewan," said CEO Jack Grushcow. "The cash advance program is another sign that the crop is entering the mainstream
of specialty crop options for our growers."
Through the APP, farmers are eligible for a cash advance of up to $100,000 interest-free and an additional $300,000 at the CIBC prime rate, which is currently 3%.
"Right now, a farmer growing Camelina can apply for an actual seeded advance," said Kelly Green, Director of Communications for the Canadian Canola Growers Association, which administers the APP on behalf of Agriculture and Agri-Food Canada across Canada's four western provinces. Eligible growers must show proof of crop insurance or be enrolled in the federal AgriStability Program to apply for a pre-harvest advance.
Advances must be repaid every time a portion of the crop is sold and all 2014-15 advances must be fully repaid no later than September 30, 2015. CCGA issues cash advances for more than two dozen commodities grown on Western Canadian farms including cereal grains, oilseeds, pulse crops and other specialty crops.
First time applicants are encouraged to apply by starting an application over the telephone. Applications can also be downloaded from the CCGA website or can be completed online.
More information about the cash advance program and application requirements can be found on the CCGA's website at www.ccga.ca or CCGA's information line at 1-866-745-2256.
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