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FACT SHEET
Please note that advances are limited to a maximum of $400,000.00, with the federal government paying the interest on the first $100,000.00 of the advance (includes all APP advances with other organizations).
OPTION #1: Standard App Advance: Cattle/Sheep/Bison
- Advance is based on the number of live heads.
- Sale proceeds of Livestock must go directly on the advance.
- Repayments are calculated using the rate per unit in effect at the time of repayment.
- Proof of sale must be provided or the penalty is prime plus 0%
*Repayments must be made from agricultural products sold to auctions/buyers within 7 calendar days of receipt of payment from the buyer or 45 calendar days of delivery to the buyer whichever is earlier. Cheques are to made payable to Manitoba Livestock Cash Advance Inc. (MLCA). Please attach proof of sale with repayment.
OPTION # 2: Cattle/Sheep/Bison: 12 Month Advance Continuous Flow Operations
(i.e.: Feedlots or revolving inventory)
- Proof of sale is required by maturity date, based on the number of heads that were originally pledged, or the penalty is prime plus 0%
- Repayments are calculated using the rate per unit in effect at the time of repayment.
- No tags required.
*Repayments are made at the end of the 12 month term. Ensure that you have sale slips for at least the number of head that was originally pledged. Proof of sale must be from within the 12 month term of the advance.
NO ADVANCE CAN EXCEED THE DATE OF SEPT 30-2011
The advance is calculated using the amount of inventory that you wish to pledge for an advance. Please put the heads into the category of their anticipated selling weight. Breeding inventory are not eligible
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