More than a short-term loan, FarmCash is a management tool that can give producers leeway, peace of mind and the ability to expand their operations.
FarmCash is one of the cheapest financing options for growers to seed, fertilize and protect their crops during the growing season, according to Tom Steve, general manager of the Alberta Wheat Commission, which administers the cash advance program. cash.
With FarmCash, producers of a wide variety of commodities can maintain healthy reserves in their bank accounts to cover unforeseen expenses – without incurring high interest charges, Steve says.
Producers can claim up to $ 1 million for more than 50 agricultural products, including all major crops, livestock and honey. Up to $ 100,000 is interest-free on all commodities, with the remainder at the competitive interest rate lower than TD’s prime rate minus 0.75%.
âFarmCash can be used to plan agricultural input purchases at optimal prices and better manage their tax situation,â says Steve. âFarmers have used FarmCash to plan the sale of their crops when the markets are favorable, instead of having to sell at the bottom of the market to pay their bills. “
FarmCash has taken a leadership role in promoting the Advance Payments Program as a tool for farm business management.
âWe believe it has been underutilized as part of the producers’ overall business strategy, and we are committed to publicizing how it can be used as other short-term emergency funding,â Steve said.
DEVELOP YOUR OPERATION
FarmCash COO Syeda Khurram describes cash advances as “good debt” because they help farmers grow and generate profits for their long-term operations.
She explains that FarmCash allows producers to expand and optimize their overall operations. Thanks to its low interest rates, it can help increase the value of the farm by giving producers the opportunity to invest continuously.
âFarmCash acts as an investment tool that maintains and improves the depreciated value of farm assets and increases purchasing power to purchase fixed assets such as a grain dryer or sprayer,â says Khurram.
It also helps producers focus on operational management practices, like transition / succession planning, farm growth, and cash flow planning, she says.
âIt maintains the long-term viability of farms and even helps with succession planning by providing financial stability for retiring farmers and growth opportunities for successors. “
Khurram says FarmCash’s business plan is based on a whole new vision of business management for producers. FarmCash not only offers a fundraising tool, it educates producers on how best to use its benefits to preserve and enhance the values ââof their farming business for today and for future generations.
âOne of the benefits of the program is that it allows for the continued investment that farms need,â she says.
Producers who are interested in knowing their eligibility or available products can call 1-855-376-2274 or email [email protected]
The Advance Payments Program is a federal loan program administered by the Alberta Wheat Commission. It offers Canadian farmers marketing flexibility through interest-free, low-interest cash advances.
AWC CASH ADVANCES NOW AVAILABLE THROUGHOUT THE WESTFor the first time, the FarmCash advance payment program is expanding outside of Alberta, and producers in British Columbia, Saskatchewan and Manitoba can apply starting March 15.
âThe program is the same in the four western provinces, with a value proposition based on a high level of customer service, ease of use via the online application form and fast turnaround time. to advance funds within three to five business days of receiving a completed application, âsays Syeda Khurram, COO of FarmCash.
Administered by AWC, FarmCash was launched in Alberta for the fall advance 2018. Its online platform was designed to be scalable to other provinces, but AWC initially wanted to test the model before its release. expansion.
Khurram notes that the expansion provides access to a larger customer base and that by spreading its costs over more customers, FarmCash can remain competitive on its interest rates and service.
“The cost savings offered by our low TD prime interest rate minus 0.75% on the interest-bearing portion of the loan and our free app help producers save money and increase their bottom line,” Khurram said.
FarmCash’s free and convenient online application can be found at FarmCashAdvance.com.
Known for its excellent customer service, FarmCash issues timely advances that allow farmers to run their businesses without delay, says Khurram.
FarmCash’s financial data is fully transparent and is reported in AWC’s annual report. Any proceeds from FarmCash will be reinvested to benefit the agricultural industry, Khurram said.