March 13, 2012, Saskatoon, Sask – ACC Farmers’ Financial (ACC), a not-for-profit organization comprising 19 producer associations and marketing boards, has signed an agreement designating Farmers of North America (FNA) to offer its national farm cash Advance Payments Program (APP) and its provincial Commodity Loan Program (CLP).
Currently operating primarily in Ontario, ACC administers loans for several thousand agricultural products across different sectors of agriculture from beans and beef to tobacco and zucchini. ACC is the exclusive provincial administrator for the Commodity Loan Program in Ontario and is a nationally appointed administrator of Agriculture and Agri-Food Canada’s Advance Payments Program.
Since its inception, ACC Farmers’ Financial has delivered over $2 billion in operating funds to Canadian producers.
FNA is a private farmer business alliance with 10,000 members across Canada, with a business mission dedicated to improving farm profitability.
The Advance Payments Program provides up to 18 months of financing for commodities that are commercially sold, with up to $100,000 interest-free and an additional $300,000 available at Prime Interest Rate.
FNA will handle the day-to-day operations for its members, receiving and submitting applications while ACC retains all legal authorities and accountabilities to its stakeholders.
Coverage will include the production of grains and oilseeds for commercial sale (i.e. corn, soybeans, wheat, and canola), horticultural crops, animal feed, and more. FNA will offer these crops initially in Ontario with the objective to take the program across the nation.
FNA recently partnered with the British Columbia Agriculture Council whose members grow a wide range of crops. FNA hopes to make the benefits of ACC interest-free cash advances more available to horticulture industry in that province, through the prairies and across Canada.
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