Press Releases

FarmCash launches spring application and reduced interest rate of prime minus 0.5%, will unveil additional upgrades in the coming days

 



FarmCash is pleased to announce that farmers can now apply for the spring advance at a reduced interest rate of prime minus 0.5%. FarmCash will be issuing funds for the spring as early as April 1, 2019.

“FarmCash was already offering lower interest rates than you would find through the banks and other financial institutions, but we wanted to do better,” says Gary Stanford, Alberta Wheat Commission Chair. “Our entire business model is based around fostering farm-gate profitability so by reducing our interest rate to prime minus 0.5%, we are providing greater value to farmers. We’re pleased to offer this lower rate starting right away.”
 
To better serve farmers, FarmCash will also be making its fully automated web-based application process available in the coming days in addition to the current downloadable PDF version. The latest web-based version will include major upgrades that will make the application process quicker and more streamlined than ever. Upgrades will include:
 
·      Reduced interest rate of prime minus 0.5%.
·      A new, optional service where FarmCash will verify priority agreements on your behalf. 
·      FarmCash will be accepting e-signatures during the application process.
·      A new automated calculator tool that will save you from manually calculating advance rates during the application process.
·      Applicants will be able to upload documents directly to the FarmCash application portal, keeping all of your information in one place. 
 
“In developing the second iteration of FarmCash for the spring advance, we pinpointed areas within the application process that we wanted to streamline even further,” says Syeda Khurram, FarmCash Chief Operating Officer. “We saw opportunities to shoulder some of that administrative burden in-house through services like verifying priority agreements on your behalf, and tools that simply make the process easier like the calculator function and e-signatures. And we’re always open to farmer feedback to make the process even more seamless.”
 
Farmers who wish to apply immediately should visit www.farmcashadvance.com to download the form directly, or call our office at 1-855-376-2274 or send an email to farmcash@albertawheat.com for direct service.
 
To learn more about FarmCash and how we can help manage your financial obligations, visit www.farmcashadvance.com.
 
FarmCash is owned and operated by the Alberta Wheat Commission and is an official administrator of Agriculture and Agri-Food Canada’s Advance Payments Program (APP). APP is a federal loan guarantee program which provides agricultural producers with easy access to low-interest cash advances up to $400,000 per program year based on the value of their agricultural product, with the Government of Canada paying the interest on the first $100,000 advanced to a producer and the remaining $300,000 at a low interest rate.  
 

For more information please contact:
Syeda Khurram
Chief Operating Officer
FarmCash
skhurram@albertawheatbarley.com
403-219-6264
 
For media interviews, please contact:
Victoria Decker
Communications Manager,
Alberta Wheat and Barley Commissions
vdecker@albertawheatbarley.com
403-219-7906