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Bank of Ireland has allocated €100m for fodder support loans which will be available to farmers until the end of March 2019.
"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," said Sean Farrell, head of agriculture at Bank of Ireland. "The extended repayment term of up to three years, combined with a discounted rate will support farmers in meeting additional costs and ease difficulties around cashflow."
The interest rate on these loans is 3.86% and they are intended for farmers who need to finance additional fodder, feed and fertiliser after the past year's difficult weather conditions. The longer repayment period aims to help farmers facing usual one-year repayments on stocking loans.
Farrell said farmers can also apply for interest-only repayments to deal with cashflow issues.
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