Skibbereen and Bandon Credit Union has announced the opening of a new ACRE fodder scheme which aims to alleviate pressures facing farmers this winter.
The union has set aside funds for farmers in the common bond area for the purchase of fodder up to €20,000 with a range of repayment options to suit farmers needs.
The scheme comes in light of the second looming fodder crisis this year, after one of the driest summers on record.
The extreme drought conditions this summer led to below par grass growth, with many farmers now with insufficient fodder to see them through until next spring.
The initial ACRE scheme – which was launched by Skibbereen and Bandon Credit Union earlier this year – is said to have made “a positive difference” to local farmers, allowing them to borrow for a range of purposes.
Commenting on the new loan scheme CEO of Skibbereen and Bandon Credit Union, Donal O’Driscoll, said: “Our farming members have been through an unprecedented time; therefore we need to offer an unprecedented scheme.
The scheme goes one step further in answering their needs at a critical time in Irish farming history.
He stressed that the price of silage, hay and straw has increased by an average of 29% and that there is an impending fodder deficit of at least 25%.
We want to work with local farmers to ensure they can manage their farm finances in a controlled way to get to the other side.
He added that this will afford farmers “peace of mind” when heading into winter and ensure they can be in a better position for 2019.
“Farming is an integral part of the communities we work with. Therefore it is important that we make such schemes available when needed,” he concluded.