Commodity Loan Program (CLP)

By mmuise
Description:

The Commodity Loan Program was developed in 1992 to assist Ontario farmers in financing their crop planting, cultivating, and harvesting expenses.


Comments on Funding:

Funding is up to $750,000 at Prime Interest Rate per eligible company per year.

Loan terms and conditions:
1. Financing is up to 22 months (Includes enrollment in storage component).
2. Amount borrowed is geared to ‘actual’ cash costs of operation @ 70/75% of farm gate value.
3. Repayment:
a) as crop is marketed (no receipts required);
b) farm-fed grains/silage (Nov-Feb);
c) deadline to repay: September 30th. Applicants can transfer balance to CLP storage before December 30th.

Deadline: Continuous Intake
Eligibility:

Applicants must be Ontario farmers/producers.

Application Steps:

Applicants must call ACC for more information about the program or to process an application at 1-888-278-8807.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

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About the author
mmuise