Stocking loans and low-cost loans are available to farmers who may need financial assistance in the coming weeks when buying fertiliser.
Eoin Lowry, head of agriculture at Bank of Ireland, told the Irish Farmers Journal that farmers seeking such loans can avail of the SBCI’s Brexit Impact Loan Scheme rate of 2.95% (variable) through the bank.
The loan scheme was due to end on 31 December 2021. However, a spokesperson for the SBCI said that it “is currently in the process of being extended and remains open for new applications”.
For its stocking loans, Lowry said Bank of Ireland has standard rates of 5.31% (secured) and up to 6.31% for unsecured loans.
Any loans over €120,000 will require security and stocking loans have terms of 12 to 18 months. However, farmers can pay them off sooner.