When do I repay my cash advance?
Cash advances have a unique approach to repayment: “repay-as-you-sell”, meaning every time you sell a portion of a commodity listed on your advance, you also repay a portion of the advance and submit Proof of Sale.
Cash advances from CCGA must be repaid as the commodities advanced on are sold, within 30 days of receiving payment for the sale, and prior to the end of that program year.
Assuming all advance Dates & Deadlines are satisfied, the following repay-as-you-sell periods apply:
- Advances on field crops, honey, goats, sheep, and lambs must be repaid in full by the September 30 end of the 18-month program year.
- Advances on cattle and bison must be repaid in full by the March 31 end of the 24-month program year.
- Continuous flow advances on cattle and hogs must be repaid within 12 months of the advance being issued or by the September 30 end of the 18-month program year.