Two of Ireland's leading agri banking specialists, AIB and Bank of Ireland, have offered a range of supports to help with the ongoing fodder crisis.
With supplies of animal fodder at critical levels around the country, many farmers are going to require support not only to purchase extra feed as a backup but to maintain adequate cashflow on their farms over the coming months.
In response, Bank of Ireland has outlined a range of supports available to farmers who have been affected by the crisis.
They are offering working capital for farmers who may need extensions to their overdraft facilities as well as an AgriFlex loan, which includes interest-only repayment options to support cashflow on the farm.
Difficult time
Speaking about the supports, Bank of Ireland head of agriculture Sean Farrell said: “It is a very difficult time and we would like to reassure farmers we are here to help and will be as supportive and flexible as we can.”
“Whether the requirement is funding to purchase fodder or a discussion on maintaining appropriate cashflow in the short term, we would encourage farmers to come and talk to us via their local businesses manager or call us on 1890-365 222 from 8am to 8pm Monday to Friday.”
“Farmers can also apply for online loans of up to €120,000 by visiting www.bankofireland.com/onlineloans.”
Similarly, AIB has urged farmers who may need cashflow support as a consequence of the weather to contact their local branch.
Cashflow support
Speaking about the fodder crisis, AIB agri sector team head Anne Finnegan said: “Some farmers are likely to require additional cashflow support as they have been forced to buy in fodder, with many more feeding higher levels of concentrates.”
“We know that cashflow support will in the main be short- to medium-term in nature and a return to normal weather and grass growing conditions should alleviate some of the operational and financial pressures on-farm.”
“We are encouraging farmers who may need support to quantify the level of working capital they require and make early contact with the bank to consider an appropriate solution to their circumstances. We will work with customers on a case by case basis as experience has taught us that no one solution will suit all farms,” Finnegan added.
AIB has a range of options to support their farming customers including:
48 hour decision on business loans and overdrafts up to €60,000 for AIB customers.Flexible working capital finance by way of an AIB Farmer Credit Line at a competitive interest rate.Extended contact hours for farmers via a dedicated phone line, 1890-47 88 33, which is available Monday to Friday 8am to 9pm and Saturdays from 9am to 6pm.Customers can engage with our team of relationship managers through a number of channels including in branch, by phone at 1890-47 88 33 or online at www.aib.ie/farming. Read more
Listen: co-ops import fodder, minister pledges support
Almost €145m drawn down in low-cost loans
Two of Ireland's leading agri banking specialists, AIB and Bank of Ireland, have offered a range of supports to help with the ongoing fodder crisis.
With supplies of animal fodder at critical levels around the country, many farmers are going to require support not only to purchase extra feed as a backup but to maintain adequate cashflow on their farms over the coming months.
In response, Bank of Ireland has outlined a range of supports available to farmers who have been affected by the crisis.
They are offering working capital for farmers who may need extensions to their overdraft facilities as well as an AgriFlex loan, which includes interest-only repayment options to support cashflow on the farm.
Difficult time
Speaking about the supports, Bank of Ireland head of agriculture Sean Farrell said: “It is a very difficult time and we would like to reassure farmers we are here to help and will be as supportive and flexible as we can.”
“Whether the requirement is funding to purchase fodder or a discussion on maintaining appropriate cashflow in the short term, we would encourage farmers to come and talk to us via their local businesses manager or call us on 1890-365 222 from 8am to 8pm Monday to Friday.”
“Farmers can also apply for online loans of up to €120,000 by visiting www.bankofireland.com/onlineloans.”
Similarly, AIB has urged farmers who may need cashflow support as a consequence of the weather to contact their local branch.
Cashflow support
Speaking about the fodder crisis, AIB agri sector team head Anne Finnegan said: “Some farmers are likely to require additional cashflow support as they have been forced to buy in fodder, with many more feeding higher levels of concentrates.”
“We know that cashflow support will in the main be short- to medium-term in nature and a return to normal weather and grass growing conditions should alleviate some of the operational and financial pressures on-farm.”
“We are encouraging farmers who may need support to quantify the level of working capital they require and make early contact with the bank to consider an appropriate solution to their circumstances. We will work with customers on a case by case basis as experience has taught us that no one solution will suit all farms,” Finnegan added.
AIB has a range of options to support their farming customers including:
48 hour decision on business loans and overdrafts up to €60,000 for AIB customers.Flexible working capital finance by way of an AIB Farmer Credit Line at a competitive interest rate.Extended contact hours for farmers via a dedicated phone line, 1890-47 88 33, which is available Monday to Friday 8am to 9pm and Saturdays from 9am to 6pm.Customers can engage with our team of relationship managers through a number of channels including in branch, by phone at 1890-47 88 33 or online at www.aib.ie/farming. Read more
Listen: co-ops import fodder, minister pledges support
Almost €145m drawn down in low-cost loans
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