Production Periods and Production Years. The 2024 APP Program year opens April 1, 2024. Different commodities have different deadlines. o Cattle and Bison: April 1, 2024 to March 31, 2026. o Sheep and Goats: April 1, 2024 to September 30, 2025. o Field Crops: April 1, 2024 to September 30, 2025. *If not transferred to a post-production advance, the production grain advance deadline is January 31, 2025. Repayment • Repayment must be made by producers as they sell or dispose of the commodities upon which their advances were based. Payment and sales receipts must be received within thirty (30) days of the date on the sale receipt. • Proof of sale documentation must accompany the payment unless otherwise specified in section 3.4.6 in the Repayment Agreement. • The interest free portion of the advance will be repaid first unless in the case of multiple advances outstanding, then the payment will be applied to the oldest advance first. Producer Liability • All applicants are jointly and severally liable for the repayment of all advances. If the producer is a partnership, a business corporation, a cooperative or other association persons, all partners, voting shareholders and members are also jointly and personally liable. Shareholder of corporations and members of cooperatives are required to sign personal guarantees. Inspections and Yield Verifications • WeCAP reserves the right to inspect at any time. Refusal of an inspection will result in immediate Default. • WeCAP performs random inspections on a percentage of our applications annually. • Upon an inspection, if the producer is discovered to have an inventory shortage, he/she will have thirty (30) calendar days to repay the shortage or be placed in default. Fees and Interest • Producers are charged an application fee of $300 plus GST if their application is approved. • No additional fee for additional advances made in the same program year. • Inspections required to receive the advance are deducted from the advance amount. • Advances above the interest free portion of two hundred fifty thousand dollars ($250,000) will be charged interest at TD Bank’s Prime Rate minus 0.5% per annum compounded monthly. • Repayment without Proof of Sale interest is charged at Prime plus 1% per annum. • Default interest will be charged at Prime plus 1% per annum from the date of the Advance to the date of Default. Prime plus 2% per annum is charged from the date of Default until the outstanding balance is paid in full.
