However, some farmers may feel they cannot take full advantage of these opportunities, as they already have a level of debt and believe that refinancing or moving bank is not an option.
However, the reality is that there are often viable options available. Bank of Ireland has partnered with many farmers across Ireland who have successfully switched their banking, in some cases re-structuring their existing loans into a manageable solution which is more aligned to their current ambitions and cash flow requirements.
Sean Farrell, Head of Agriculture at Bank of Ireland Business Banking explains: “Agriculture is a very important sector within our Business Banking portfolio and we understand that at certain times of the year farmers require flexibility for additional working capital aligned to the seasonal variations in their cash-flow. Farmers continue to fund land purchase and farm development with bank loans. However, some farmers may be reluctant to even talk to another bank, believing that switching or refinancing is more difficult than it actually is. The reality is that there are usually very feasible options that we can present for a customer.”
Bank of Ireland has a dedicated €1bn investment fund in place to support development and expansion for farmers. Over the past few years the Bank has seen significant investment by farmers, as dairy farmers geared up for the milk quota changes, and dry-stock and grain farmers continued to grow their land bases; the Bank continues to support ambitious farmers looking to expand and invest in new opportunities.
According to Sean Farrell, “We’ve been very busy over the past few years, in particular with the dairy sector, as we played an active role in supporting farmers to grow their output and capitalise on post quota opportunities to expand their businesses. We have a strong suite of tailored, flexible products for the farming community, and we’ve also developed a process to ensure that farmers can make the switch seamlessly, acquire new finance and re-structure existing loans into a more manageable package.”
Why refinance?
Many farmers are looking to expand or adapt their farm businesses, but are also looking for the flexibility needed when faced with the challenges of fluctuating prices, variable weather patterns and increasing costs of doing business. They may find that when they look for additional support from the existing financial partner, they’re simply not receiving the level of service that they once had.
Bank of Ireland’s dedicated team of Agri Managers understand farming and the financial ups and downs that are part of day to day farm life. They work in conjunction with farmers, advisers and accountants to assist with making the switch and develop a lending support package which is sustainable for the future. The Bank’s ‘AgriFlex’ features introduced to farm loan products include the potential to avail of interest-only repayment periods in difficult situations, and to accelerate repayments during times of surplus farm cash flow meeting the requirements of farming customers.
“Bank of Ireland will support our viable farming customers through good times and challenging times, whether through quick decisions on loan applications or providing short-term cash-flow assistance. We also appreciate that there are unforeseen events which can spur a requirement for finance, whether it’s land unexpectedly coming to the market or another opportunity to expand capacity. We don’t expect that everybody who is looking for finance will be debt free, and we can work with farmers to develop a lending debt plan which is sustainable and beneficial to their business needs,” said Sean Farrell.
What’s on offer?
The process of switching to Bank of Ireland is extremely efficient. Current account packages with user friendly in-branch and online solutions are available for day to day banking as well as a range of options for those farmers looking to invest for the future:
AgriFlex Farm Development Loan: Borrow to develop your farm, whether it’s to introduce technology, upgrade grazing infrastructure, or to provide extra accommodation. AgriFlex Land Purchase Loan: For the purchase of land, typically with a longer repayment schedule designed to suit your cash flow. AgriFlex Stock Purchase Loan: Get the finance you need to increase your herd. AgriFlex Farm Machinery Loan: Increase efficiency with new machinery. If you’re considering refinancing or switching, drop into your local Bank of Ireland branch to meet a dedicated Agri Manager. You can also go online to Bank of Ireland Agri Team to find out more about our Agri Team and the types of finance available for farmers.
However, some farmers may feel they cannot take full advantage of these opportunities, as they already have a level of debt and believe that refinancing or moving bank is not an option.
However, the reality is that there are often viable options available. Bank of Ireland has partnered with many farmers across Ireland who have successfully switched their banking, in some cases re-structuring their existing loans into a manageable solution which is more aligned to their current ambitions and cash flow requirements.
Sean Farrell, Head of Agriculture at Bank of Ireland Business Banking explains: “Agriculture is a very important sector within our Business Banking portfolio and we understand that at certain times of the year farmers require flexibility for additional working capital aligned to the seasonal variations in their cash-flow. Farmers continue to fund land purchase and farm development with bank loans. However, some farmers may be reluctant to even talk to another bank, believing that switching or refinancing is more difficult than it actually is. The reality is that there are usually very feasible options that we can present for a customer.”
Bank of Ireland has a dedicated €1bn investment fund in place to support development and expansion for farmers. Over the past few years the Bank has seen significant investment by farmers, as dairy farmers geared up for the milk quota changes, and dry-stock and grain farmers continued to grow their land bases; the Bank continues to support ambitious farmers looking to expand and invest in new opportunities.
According to Sean Farrell, “We’ve been very busy over the past few years, in particular with the dairy sector, as we played an active role in supporting farmers to grow their output and capitalise on post quota opportunities to expand their businesses. We have a strong suite of tailored, flexible products for the farming community, and we’ve also developed a process to ensure that farmers can make the switch seamlessly, acquire new finance and re-structure existing loans into a more manageable package.”
Why refinance?
Many farmers are looking to expand or adapt their farm businesses, but are also looking for the flexibility needed when faced with the challenges of fluctuating prices, variable weather patterns and increasing costs of doing business. They may find that when they look for additional support from the existing financial partner, they’re simply not receiving the level of service that they once had.
Bank of Ireland’s dedicated team of Agri Managers understand farming and the financial ups and downs that are part of day to day farm life. They work in conjunction with farmers, advisers and accountants to assist with making the switch and develop a lending support package which is sustainable for the future. The Bank’s ‘AgriFlex’ features introduced to farm loan products include the potential to avail of interest-only repayment periods in difficult situations, and to accelerate repayments during times of surplus farm cash flow meeting the requirements of farming customers.
“Bank of Ireland will support our viable farming customers through good times and challenging times, whether through quick decisions on loan applications or providing short-term cash-flow assistance. We also appreciate that there are unforeseen events which can spur a requirement for finance, whether it’s land unexpectedly coming to the market or another opportunity to expand capacity. We don’t expect that everybody who is looking for finance will be debt free, and we can work with farmers to develop a lending debt plan which is sustainable and beneficial to their business needs,” said Sean Farrell.
What’s on offer?
The process of switching to Bank of Ireland is extremely efficient. Current account packages with user friendly in-branch and online solutions are available for day to day banking as well as a range of options for those farmers looking to invest for the future:
AgriFlex Farm Development Loan: Borrow to develop your farm, whether it’s to introduce technology, upgrade grazing infrastructure, or to provide extra accommodation. AgriFlex Land Purchase Loan: For the purchase of land, typically with a longer repayment schedule designed to suit your cash flow. AgriFlex Stock Purchase Loan: Get the finance you need to increase your herd. AgriFlex Farm Machinery Loan: Increase efficiency with new machinery. If you’re considering refinancing or switching, drop into your local Bank of Ireland branch to meet a dedicated Agri Manager. You can also go online to Bank of Ireland Agri Team to find out more about our Agri Team and the types of finance available for farmers.
SHARING OPTIONS