Bank of Ireland sets out fodder support measures for farmers

Bank of Ireland has outlined a range of supports available to farmers who may be impacted by the ongoing fodder crisis.

Many farmers are going to require support – not only to purchase extra feed as a backup, but to maintain adequate cash flow on their farms over the coming months, according to a bank spokesperson.

Working capital is available for farmers who may need extensions to their overdraft facilities. In addition, farmers can apply online for loans of up to €120,000.

Bank of Ireland also has an AgriFlex loan available, which includes interest-only repayment options to support cash flow on the farm.

Speaking about the supports, Sean Farrell, head of agriculture at Bank of Ireland, said: “We are very aware of the impact that the adverse weather conditions have had on the farming community as a result of recent unprecedented levels of snow, rain and freezing temperatures.

“Grass growth is weeks behind where it should normally be at this time of year and even if temperatures improve now, it will be some time before grass covers build to adequate levels.

It is a very difficult time and we would like to reassure farmers that we are here to help and  we will be as supportive and flexible as we can.

Farrell added that the bank is supporting impacted farmer customers to be prepared and get additional fodder on farm as quickly as possible.

“Whether the requirement is funding to purchase fodder or a discussion on maintaining appropriate cash flow in the short term, we would encourage farmers to come and talk to us via their local businesses manager or call us on 1890-365-222 from 8:00am to 8:00pm Monday to Friday.

“Farmers can also apply for online loans of up to €120,000 by visiting www.bankofireland.com/onlineloans,” Farrell concluded.