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 2022-2023 growing season.
The available advance rate for Ontario growers in the 2022-2023 growing season will be $7.27/dry lb. Hop program deadlines and rates include:
- Advance available date: 1 April, 2022 – 15 March, 2023
- Repayment deadline: 30 September, 2023
- Advance rates: $7.27/ dry lb for ON
Click here fore a link to the 2022-2023 Product Rate List and Worksheets for Ontario
The AAP is a federal loan program for storage crops that helps producers improve their cash flow throughout the year. New in 2022, the program will now provide up to $100 000 000 advance with the first $100 000 interest free and the following $900 000 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