Recognising the challenging environment facing farmers, Bank of Ireland launched a €100m Agri Assist loan fund, to support farmers dealing with the rapidly increasing cost of farm inputs such as feed and fertilisers.
The fund which is open until the end of November 2022, provides additional working capital to farmers at competitive rates with extended repayment terms of up to 3 years.
With the price of fertiliser tripling over the course of the last year in tandem with feed prices doubling, the Agri Assist loan fund is now open to farmers looking to better manage their farms through a period of high input price inflation and ongoing supply pressures.
With Bank of Ireland’s support farmers can also now apply to the Agri Assist Loan Fund to;
• Finance the cost of growing grass, silage and tillage crops
• Provide funding to pay merchant or co-op bills for feed or fertilizer
• Avail of loans up to €100,000 under a discounted rate
• Set suitable loan terms ranging from 6 months to 3 years depending on need
Bank of Ireland with its dedicated Agri support team will continue to keep the situation on farms under constant review, working with farmers as they enter into the costly winter season.
John Fitzgerald, Agri Manager with Bank of Ireland in the Munster Region said: 'Bank of Ireland currently provides more than 50% of new lending to the agri sector, and our primary role is to support and advise farmers on meeting challenges as they arise.
'There is no doubt that the increasing price of farm inputs, has placed extra strain on farm cashflows. Given that only one third of farmers currently have borrowings, we have launched the Agri Assist loan fund to ease some of this strain.'
'This €100m fund provides an additional level of support to farmers so that they can ensure they have sufficient cash to manage their farms through
the Autumn months. Bank of Ireland is proud to be the first Irish bank to bring this to market, and has worked as part of the National Fodder and Food Security Committee to devise our own practical solution that will help farmers, many of whom may never have taken out a loan up to now.
'I would encourage farmers looking for assistance to come and talk to us, so that we can explore the steps on offer to enhancing their financial wellbeing.'
To find out more, farmers can log onto https://businessbanking.bankofireland.com/credit/farm-loans/agri-assist-loan/ or apply for an Agri Assist loan by calling 0818 210 614
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