The scheme will close on 28 February, the co-op said in a statement this Thursday. Of the €100m available, Glanbia and its partners have received applications for €95m. The average loan value to date is around €100,000. This suggests that just under 1,000 farmers have applied.
The MilkFlex scheme offered by the co-op with its partners Rabobank, the Ireland Strategic Investment Fund and Finance Ireland opened in May 2016. It was originally due to run for one year but was later extended until the end of 2017, and now to next month.
Glanbia Ireland milk suppliers can apply for a loan by contacting Finance Ireland on (01) 6470255 or by emailing milkflex@financeireland.ie
What you need to know about Milkflex
Loans can be used for investment including livestock, milking infrastructure and land improvement.Loans are unsecured.The interest rate is a variable rate of 3.75% above the monthly Euribor cost of funds, which works out at 4.18% APR.The loans have a standard term of eight years but may be extended by up to a maximum of a further two years when volatility triggers are enacted. To qualify, a supplier must maintain a valid Milk Supply Agreement with GII for the term of the loan.A six-month reduction by 50% in loan repayments applies when the GII manufacturing milk price falls below 28c/l (including VAT) for three consecutive months.An increase in repayments applies when the GII manufacturing price goes above 34c/l (including VAT) for three consecutive months. Repayments will cease for six months when the GII manufacturing milk price falls to or below 26c/l (including VAT) for three consecutive months.Repayments are deducted from the supplier’s milk cheque.The profile of repayments reflects the seasonal milk supply curve, with no repayments during the low milk production months from November to February inclusive.It can be used to refinance loans as well as fund working capital.Finance Ireland manages the loan application. Farmers will require a clear business plan. Normal lending conditions apply. Read more
How to access Glanbia Milkflex loans
The scheme will close on 28 February, the co-op said in a statement this Thursday. Of the €100m available, Glanbia and its partners have received applications for €95m. The average loan value to date is around €100,000. This suggests that just under 1,000 farmers have applied.
The MilkFlex scheme offered by the co-op with its partners Rabobank, the Ireland Strategic Investment Fund and Finance Ireland opened in May 2016. It was originally due to run for one year but was later extended until the end of 2017, and now to next month.
Glanbia Ireland milk suppliers can apply for a loan by contacting Finance Ireland on (01) 6470255 or by emailing milkflex@financeireland.ie
What you need to know about Milkflex
Loans can be used for investment including livestock, milking infrastructure and land improvement.Loans are unsecured.The interest rate is a variable rate of 3.75% above the monthly Euribor cost of funds, which works out at 4.18% APR.The loans have a standard term of eight years but may be extended by up to a maximum of a further two years when volatility triggers are enacted. To qualify, a supplier must maintain a valid Milk Supply Agreement with GII for the term of the loan.A six-month reduction by 50% in loan repayments applies when the GII manufacturing milk price falls below 28c/l (including VAT) for three consecutive months.An increase in repayments applies when the GII manufacturing price goes above 34c/l (including VAT) for three consecutive months. Repayments will cease for six months when the GII manufacturing milk price falls to or below 26c/l (including VAT) for three consecutive months.Repayments are deducted from the supplier’s milk cheque.The profile of repayments reflects the seasonal milk supply curve, with no repayments during the low milk production months from November to February inclusive.It can be used to refinance loans as well as fund working capital.Finance Ireland manages the loan application. Farmers will require a clear business plan. Normal lending conditions apply. Read more
How to access Glanbia Milkflex loans
This is a subscriber-only article
SHARING OPTIONS: