Bank of Ireland announces €100m fund and Agri Flex fodder support loan to support farmers impacted by fodder crisis
4 September 2018: Bank of Ireland has announced a designated €100m fund to support farmers who are facing a shortage of fodder and increased feed costs this year. In conjunction with the fund, the bank has launched a new ‘Agri Flex – Fodder Support Loan’ which has been specifically developed to respond to the needs of farmers impacted by the challenging weather conditions over the past year. It provides farmers with extended repayment terms up to three years, a discounted rate of 3.86% and is available up to 31 March 2019.
The new loan is available to farmers seeking finance for additional fodder, feed and fertiliser. The extended repayment terms will help to ease cashflow pressures on those farmers used to repaying stocking loans usually within 12 months.
Speaking about the announcement, Sean Farrell, Head of Agriculture at Bank of Ireland said, “The weather over the past year has been incredibly challenging for many farmers across Ireland and Bank of Ireland is keenly aware of the difficulties faced by livestock and arable farmers which is why we have developed this new offering. The extended dry summer followed on from a wet, cold and late spring season and this is having a negative knock on effect, with some sectors and regions affected more than others in terms of cashflow and income for the year.”
“Bank of Ireland is extending its agri finance offerings to ensure we can provide the best possible solution for all farmers. With winter on the horizon farmers will be carefully preparing and gauging their fodder requirements for the months ahead and balancing this with their finances. 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. The extended repayment term up to three years, combined with a discounted rate will support farmers in meeting additional costs and ease difficulties around cashflow.