New: Cattle Producers now have a choice to use Western Livestock Price Insurance Program or Agristability to secure a cash advance taken based on the value of their cattle under the Advance Payments Program.
To allow producers to use Western Livestock Price Insurance (WLPIP) as security, the administrator must be able to ensure the following:
- The cattle on which the APP advance is based are the same animals for which the WLPIP contract is purchased, which may require on-farm inspections by the APP administrator.
- The producer has fully paid their WLPIP premium prior to the issuance of an APP advance.
- This information can be found on the Statement of Coverage and Premium which must be provided by the producer or obtained from MASC (Manitoba) or SCIC (Saskatchewan)
- The producer maintains continuous WLPIP coverage until the animals on which the APP advance is based are marketed.
- Where producers make a claim against their WLPIP contract (allowable at any time within 30 days of the contract expiry date) or where the contract expires and the producer has not yet marketed the animals, the producer will be in an overpayment situation
- To avoid being put into default, the producer must correct the overpayment within 30 days, which could require the purchase of another WLPIP contract.
- The producer has signed and submitted an Assignment of Indemnity Form to ensure that the APP administrator receives the proceeds from a WLPIP claim.
For more information on WLPIP call 1-844-782-5747 (Manitoba) or 1-888-935-0000 (Saskatchewan)
MLCA is happy to offer advances on a select number of Crops for Manitoba and Saskatchewan, as well as your Livestock. Please see the rate page for commodities and prices!
Manitoba Livestock Cash Advance was established in 2007 to administer the ADVANCE PAYMENTS PROGRAM (APP) for Cattle producers in Manitoba and Saskatchewan. Sheep/Lamb producers in Manitoba, Saskatchewan, and Alberta. Goat producers in Manitoba, Saskatchewan, Alberta and British Columbia and Bison producers nationally.
The Advance Payments Program (APP) is a federal loan guarantee program that helps producers meet their financial obligations and benefit from the best market conditions by improving their cash flow throughout the production period.
To be eligible producers must be a Canadian citizen or permanent resident. A corporation, cooperative, or partnership of which the majority interest is held by Canadian citizens or permanent residents.
Producers must also meet the security requirements.
Producers can access cash advances of up to $400,000.00, with the first $100,000.00 of the cash advances being interest free.
Administration fee of $250.00 per application, $75.00 for subsequent advances.
Have any questions? We'd love to help....contact us at 1-866-869-4008
For all standard Cash Advances repayments are to be made as the inventory is sold.
**New terms of repayment are now in effect. Please see "Fact Sheet" for details
24 Month Production period for Cattle and Bison.
2016 Crop, Sheep and Goat Advances final maturity date is September 30, 2017
2016 Cattle and Bison Advances final maturity date is March 31, 2018