Advanced Payments Program
Agriculture and Agri-Food Canada’s Advanced Payment Program (AAP), delivered by the Agricultural Credit Corporation (ACC) in Ontario, has released the list of rates for storage crops (including hops) for the 2021-2022 growing season.
The available advance rate for Ontario growers in the 2021-2022 growing season will be $6.79/dry lb. Hop program deadlines and rates include:
- Advance available date: 1 April, 2021 – 15 March, 2022
- Repayment deadline: 30 September, 2022
- Advance rates: $6.79/ dry lb for ON
Click here fore a link to the 2021-2022 Product Rate List and Worksheets for Ontario
The AAP “…is a federal loan guarantee program that helps crop, livestock, greenhouse and nursery landscape producers meet their financial obligations and benefit from the best market conditions by improving their cash flow throughout the year.” The program will provide up to $400 000 advance with the first $100 000 interest free and the following $300 000 at prime interest rate.
Other Programs for Ontario Hop Growers
Although the traditional crop insurance programs that many growers are familiar with (Production Insurance and Self-Directed Risk Management) are not available for hops at this time, there are two other programs that hop growers can use or apply for:
- AgriStability (via Agricorp – covers large margin declines caused by production loss, increased costs or market conditions. If a producer’s margin falls below 70 per cent of their recent average, AgriStability helps to offset the difference): https://www.agricorp.com/en-ca/Programs/AgriStability/Pages/Overview.aspx
- AgriInvest (via Agricorp – is a savings account that producers can use to either cover small income declines or support other investments. Each year, producers can deposit up to 1 per cent of their Allowable Net Sales (ANS) into a bank account and receive a matching government contribution. Producers can withdraw funds at any time): https://www.agricorp.com/en-ca/Programs/AgriInvest/Pages/Overview.aspx