Farming can be an up and down business, exposed to the volatility of international commodity prices and reliant on favourable weather conditions to grow grass and crops.
Bank of Ireland understands the challenges faced by our farming customers this year. In response to the unprecedented weather and associated additional costs we’ve launched a €100 million fund to support farmers as they deal with fodder deficits and pay for extra feed and fertiliser. Our Agri Flex Fodder Support loan is available at a discounted rate of 3.86% (comprised of the Small Business Agri Rate, currently 1.11% variable, + fixed margin of 2.75%) and over terms up to 3 years, to support customer’s cashflow.
Click here to see our 3 Month Bank Cost of Funds (BCOF) and Small Business Agri rates.
- Features & Benefits
- €100 million fund available to support farmers
- To finance the costs of additional fodder / animal feed and fertiliser already purchased and planned for winter 2018/Spring 2019
- Loan amounts up to €100,000 (amounts greater than this can be considered case by case)
- Reduced rate offer available from 1 September 2018 to 31 March 2019
- Repayable over terms of up to 3 years
- Repayments can be tailored in line with cash flow
- The interest rate is 3.86% variable (comprised of the Small Business Agri Rate, currently 1.11% variable, + fixed margin of 2.75%)
- Terms and Conditions
- All applicants must meet credit approval criteria and each individual loan will go through the normal credit approval process
- Standard Terms & Conditions apply
- Stocking loans only – overdrafts and non-stocking loans are not available at this special rate.
- Normal security requirements apply
- Who can Apply
This loan is available to:
- Finance the cost of additional fodder / animal feed and fertiliser already purchased and planned for Winter 2018 / Spring 2019.
- Repay (or extend) existing stocking loan shortfalls and pay outstanding merchant bills.
Note: Livestock purchase not included
- How to Apply
Warning: The cost of your repayments may increase
Warning: You may have to pay charges if you repay early, in full or in part, a fixed-rate credit facility
Warning: If you do not meet the repayments on your credit facility agreement, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
A livestock farmer who exhausted all his silage reserves last winter, had to purchase extra feed and fertiliser over the summer because of poor grass growth, for which he owes his local merchant €15,000 more than he would in a normal year. He now needs to purchase additional fodder to see him through to the spring which will cost an additional and unexpected €8,000. With the help of the Fodder support loan package, the farmer can fund this additional €23,000 of extra costs with a term loan with Bank of Ireland at a variable rate of 3.86% (comprised of the Small Business Agri Rate, currently 1.11% variable, + fixed margin of 2.75%), draw down the funds in November 2018 and repay the loan in line with his cash flow. Repayments will be made over three years starting with the first half yearly payment on 1st May 2019 and final payment made on 1st November 2021. Total cost of credit is €1586.14
The Agri Flex Fodder Support Loan offer is subject to availability, and standard lending criteria, terms and conditions apply.