CCA Welcomes Sustained Increase to Interest-free Portion of Loans under Advance Payments Program (APP)
March 25, 2024
The Canadian Cattle Association (CCA) is pleased to see the federal government maintain the increase of interest-free portion of loans under the Advance Payments Program (APP) for the third consecutive growing season.
While we have been advocating for the limit to be kept at $350,000, increasing it to $250,000 is positive for producers across the country.
“The APP is a useful tool for producers and the increased interest-free portion provides welcome relief to keep our sector economically competitive in an unsteady economic environment,” said Nathan Phinney, CCA President. “This sustained increase comes at a time when producers need all economic levers at their disposal to increase food security and economic competitiveness.”
CCA has been leading industry advocacy efforts on maintaining an increased interest-free portion to APP, which would help not only beef cattle producers but farmers across all agriculture sectors. The interest-free portion was set to drop back down to its permanent level of $100,000 which does not account for inflation and escalating input costs. The intent of APP is to help farmers, particularly young farmers, meet those costs.
With the growing season fast approaching, we look forward to engaging further with the federal government on this file and continuing to advocate for policies that meet the needs of Canadian beef producers.
For further information, contact:
Carol Reynolds
Communications Manager
Canadian Cattle Association
403-451-0931| reynoldsc@cattle.ca