With farmers badly affected by the Covid-19 lockdown, Bank of Ireland is encouraging them to take another look at the supports and specific products for the sector that it offers.
The bank says its range of supports is broad, including emergency working capital and payment flexibility on loan facilities, along with several tailored products.
Its liquidity supports include access to the Covid-19 Credit Guarantee Scheme, designed to support recovery by providing low-cost funding to businesses, and several targeted specifically at agriculture, including:
- AgriFlex: a specific option for farmers with interest-only repayments for up to 12 months if commodity prices fall significantly or for a prolonged period.
- Dairyflex: a specific product in partnership with participating co-ops to provide low cost loans to dairy farmers who are developing their farms.
- Overdrafts: while there has been no significant increase in overdraft utilisation rates since the onset of COVID-19, the facility is available.
Head of agriculture Eoin Lowry said: “As 2021 brings new restrictions impacting food service, we are aware that farmers face into another year of potential disruption. While the sector has demonstrated characteristic resilience in the face of Covid-19 to date, we want to reassure farmers that we have the supports in place to alleviate challenges which may arise.
“I would encourage any farmer with concerns to contact us. We will work with them to identify what supports they need, including options such as emergency working capital and payment flexibility.”
In Association with
There’s full information on the supports here, and details of the bank’s agri-business managers here.
