Bank of Ireland has stated that any farmer customers experiencing a strain on cashflow as a result of prolonged inclement weather and high costs should reach out to their point of contact with the lender as a matter of urgency to hear of their farm finance options.
Farmers can seek overdraft extensions, flexible term loans and a retrospective borrowing on farm investments already made on a cashflow basis.
The lender noted that last month was one of the wettest on record, leaving farmers facing high feed costs and challenging crop growing conditions after an already wet winter.
It pointed to cost overhangs from a difficult 2023 and un-financed investments made last year when cashflow was stronger as further factors contributing to financial difficulties for many farmers.
Flexibility
The lender’s agri development manager Mark Glennon suggested that Bank of Ireland will provide some leeway to farmers struggling to make ends meet.
“We understand that this is a particularly challenging time for farmers as they deal with the unrelenting wet weather, and that a level of flexibility is required when engaging with your financial provider,” Glennon said.
“I would encourage any farmer seeking assistance to talk to us, so that we can ensure your finances are properly structured and devise a plan that will help overcome the current challenges.
“The rain will stop falling eventually, and with the right financial plans in place we can ensure that agri businesses nationwide can look forward to brighter days ahead.”
Read more
AIB urges farmers to contact their branch for cashflow support
Agri lenders must help relieve farmer cashflow issues - IFA
Surge in demand for credit union farm loans
Bank of Ireland has stated that any farmer customers experiencing a strain on cashflow as a result of prolonged inclement weather and high costs should reach out to their point of contact with the lender as a matter of urgency to hear of their farm finance options.
Farmers can seek overdraft extensions, flexible term loans and a retrospective borrowing on farm investments already made on a cashflow basis.
The lender noted that last month was one of the wettest on record, leaving farmers facing high feed costs and challenging crop growing conditions after an already wet winter.
It pointed to cost overhangs from a difficult 2023 and un-financed investments made last year when cashflow was stronger as further factors contributing to financial difficulties for many farmers.
Flexibility
The lender’s agri development manager Mark Glennon suggested that Bank of Ireland will provide some leeway to farmers struggling to make ends meet.
“We understand that this is a particularly challenging time for farmers as they deal with the unrelenting wet weather, and that a level of flexibility is required when engaging with your financial provider,” Glennon said.
“I would encourage any farmer seeking assistance to talk to us, so that we can ensure your finances are properly structured and devise a plan that will help overcome the current challenges.
“The rain will stop falling eventually, and with the right financial plans in place we can ensure that agri businesses nationwide can look forward to brighter days ahead.”
Read more
AIB urges farmers to contact their branch for cashflow support
Agri lenders must help relieve farmer cashflow issues - IFA
Surge in demand for credit union farm loans
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