A new farm equipment investment scheme has been rolled out by Lakeland Dairies, in partnership with Finance Ireland. The new FundEquip scheme allows for Lakeland Dairies suppliers to make investments in machinery and equipment on their farms over a three-year or five-year term. Finance Ireland will use funds from the Strategic Banking Corporation of Ireland (SBCI) to support the scheme.
Equipment available through FundEquip includes:
Terms and conditions
Loan amounts under FundEquip range from €3,000 to €75,000, with funding options of between three and five years at interest rates of 3.9% for three-year terms and 4.5% for five-year terms.
Repayments are deducted from a farmer’s milk cheques between April and November.
Applicants must have a milk supply agreement and have been supplying Lakeland Dairies for longer than 12-months.
Applicants must be able to show a credit history.
Alo Duffy, Lakeland Dairies chair said: “The flexible and tailored repayment structure over three or five years allows for sustainable investment on farms while being able to manage cash flow over the duration of the loan”.
Suppliers can contact Lakeland Dairies member relations on 1890 47 47 20 or Finance Ireland on 01 639 1370.