AIB outlines cashflow support measures for fodder-deprived farmers
With depleted fodder reserves across many parts of the country, limited grass growth and a delay in turning livestock out to grass, AIB has urged farmers who may need cash flow support as a consequence of the weather to contact their local branch.
The bank outlined a number of options to support its farming customers.
- 48-hour decision on business loans and overdrafts up to €60,000 for AIB customers;
- Flexible working capital finance by way of a AIB Farmer Credit Line at a “competitive” interest rate;
- Extended contact hours for farmers via a dedicated phone line on: 1890-47-88-33. This is available Monday to Friday from 8:00am to 9:00pm and Saturdays from 9:00am to 6:00pm.
Anne Finnegan, head of AIB’s Agri Sector Team, said: “We are well aware of the challenges that farmers are currently experiencing on-farm as a consequence of the late spring and the heightened rainfall since last summer – particularly along the western seaboard.
“Some farmers are likely to require additional cash flow support as they have been forced to buy in fodder, with many more feeding higher levels of concentrates.
“In some instances farmers have expanded cow numbers in recent years which could increase the strain on working capital at this time.
“We know that cash flow support will mainly be short-to-medium term in nature and a return to normal weather and grass growing conditions should alleviate some of the operational and financial pressures on-farm.
The additional costs experienced may continue to be felt on farm throughout the summer.
“We are encouraging farmers who may need support to quantify the level of working capital they require and make early contact with the bank to consider an appropriate solution to their circumstances.
“We will work with customers on a case by case basis as experience has taught us that no one solution will suit all farms, Finnegan said.
Customers can engage with AIB staff in branch; by phone on: 1890-47-88-33; or online on: www.aib.ie/farming.