The bank have said that the €100m fund aims to directly support farmers who are facing a fodder shortage and increased feed costs. In addition to this new fund, Bank of Ireland have also launched a new ‘Agri Flex – Fodder Support Loan’ which has been specifically developed to respond to the needs of farmers.
The support loan will provide farmers, with extended repayment terms up to three years, a discounted variable rate of 3.86% and is available up to 31 March 2019. Bank of Ireland firmly believe that the extended repayment terms will help to ease cashflow pressures on farmers,including those that have shortfalls on stocking loans that fall due before the end of the year
The loan will be available to farmers looking for finance for additional fodder and, feed and to pay for extra feed and fertiliser. already purchased this year.
This announcement has come on the back of uncertainty in the sector due to the difficult weather conditions that farmer have faced this year.
Sean Farrell, Head of Agriculture at Bank of Ireland, has described the announcement as ‘a very positive solution for farmers’.
“The weather over the past year has been incredibly challenging for many farmers across Ireland and Bank of Ireland is keenly aware of the difficulties faced by livestock and arable farmers which is why we have developed this new offering. The extended dry summer followed on from a wet, cold and late spring season and this is having a negative knock on effect, with some sectors and regions affected more than others in terms of cashflow and income for the year.”
“Bank of Ireland is extending its agri finance offerings to ensure we can provide the best possible solution for all farmers. With winter on the horizon farmers will be carefully preparing and gauging their fodder requirements for the months ahead and balancing this with their finances. Our new ‘Agri Flex’ fodder loan has been created to support farmers who need a flexible solution at this time to assist with cash flow through this difficult period. The extended repayment term up to three years, combined with a discounted rate will support farmers in meeting additional costs and ease difficulties around cashflow.”
“In addition to the Fodder Support Loan farmers can also apply for interest only repayment options to support cash flow on the farm. This has been one of the toughest years for farmers in many years and we would like to reassure farmers we are here to help and will be as supportive and flexible as we can.”
Bank of Ireland are encouraging farmers to come and talk to their local businesses manager, call 1890 365 222 from 8am to 8pm Monday to Friday or go to bankofireland.com/fodderloan
Warning: The cost of your repayments may increase.
Warning: You may have to pay charges if you repay early, in full or in part, a fixedrate credit facility
Warning: If you do not meet the repayments on your credit facility agreement, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.
The Agri Flex Fodder Support Loan offer is subject to availability, and standard lending criteria, terms and conditions apply.
Bank of Ireland is regulated by the Central Bank of Ireland