Good news for Ontario hop growers – Agriculture and Agri-Food Canada’s Advanced Payment Program (AAP), delivered by the Agricultural Credit Corporation (ACC) in Ontario, has recently added hops to their list of storage crops available under the loan program for the 2016-2017 growing season.
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 available advance rate for Ontario growers in the 2016-2017 growing season will be $4.95/dry lb. Hop specific information has not yet been posted to the ACC’s website but will be available shortly. Hop program deadlines and rates include:
- 2016-17 Advance available date: 1 April, 2016
- 2016-17 Application deadline: 31 March, 2017
- 2016-17 Repayment deadline: 30 September, 2017
- 2016-17 Advance rates: $4.95/ dry lb for ON, AB, BC, MB, NB, NS, and $5.95/dry lb for PEI
Background: In 2015, Ontario hop growers expressed interest in the AAP program, however, hops were not listed at that time as an agricultural product within the program. ACC quickly investigated the crop by requesting information from Ontario growers, the University of Guelph cultivar evaluation project and OMAFRA in order to add hops to the program. The program will now be accepting applications from hop growers across Canada for the 2016-2017 growing season.