Bank of Ireland announces refinancing package for farmers

Bank of Ireland has launched a new Refinance Agri Package which offers farmers the opportunity to move existing loans from other lenders and match their current rate of interest and loan repayment term on the date of switching.

The refinancing offer, available for secured loans for a limited period up to November 30, 2018, is subject to a minimum margin, with Bank of Ireland covering the bank legal fees and valuation costs.

Speaking about the package, Sean Farrell, head of agriculture at Bank of Ireland said: “Bank of Ireland actively refinances debt for customers and new to bank customers and we are always seeking to grow our business.

“Our Refinance Agri Package provides certainty to customers who can move their loan, while keeping their current rate of interest.

For any business, it’s important to feel secure in your incomings and outgoings – as far as possible. The past few months have been extremely difficult for the agri community.

“Many farmers across Ireland continue to suffer from an extended period of drought and we understand the profound impact this is having on businesses and in particular, cash-flow,” Farrell said.

“Our Refinance Agri Package demonstrates how Bank of Ireland is working with farmers and agri businesses to provide helpful solutions, enabling them to effectively plan for the future.

“Customers will also be able to access funding for business development and future growth. Our key priority is to support our customers as they build and grow their farm business.”

Any farmer or agri business looking for more information can talk to Bank of Ireland via their local businesses manager or on the phone at: 1890-365-222 from 8:00am to 8:00pm, Monday to Friday.