Bank of Ireland has outlined details of the fund it will provide to support the business needs of the agricultural sector. The new scheme is subsidised and guaranteed by the Strategic Banking Corporation of Ireland in partnership with the Dept. of Agriculture, Food and the Marine and the European Investment Fund.
Speaking about the scheme, John Fitzgerald Head of Agriculture, Bank of Ireland, said, “Bank of Ireland is consistently supplying over 50% of all new lending to the agriculture sector in recent years. We continue to support our farming customers with loans approved for working capital, land purchase and farm development and we are pleased to confirm that we have secured €65m of the scheme. Our aim is to support customers to meet their individual cashflow needs where typically the loan will be matched to the life of assets funded. Today’s launch of the Cashflow Support Loan Scheme is an important mechanism to support this aim as we will now be in a position to make funds available at a discounted rate of 2.95% and we will be working very closely with our customers to fund their working capital requirements.”
“Bank of Ireland sees this sector as being of significant importance to the Irish economy in the period ahead. Underpinning this importance, the bank’s involvement in the scheme will support the on-going development of the agriculture sector which is of real relevance to farmers experiencing short term financial pressure due to price and income volatility. This fund is open from today and is available until 30th September, 2017”, Fitzgerald confirmed.
For further information and details of the application process, interested farmers should contact Bank of Ireland on 1800 365 222 to speak with a specialist advisor or apply online on www.bankofireland.com/agri/SCBI-loan