Glanbia broadens eligibility for €30 million credit scheme

Glanbia Co-operative Society is to increase the funds allocated to its recently-announced Extended Credit Scheme to €30 million and has broadened the eligibility criteria to include fodder catch crops and beef and sheep enterprises.

The Glanbia Co-op Extended Credit Scheme supports qualifying members by offering interest-free deferred payment terms for the purchase of inputs from Glanbia Ireland.

Glanbia Group chairman Martin Keane confirmed that the initial €20 million Extended Credit Scheme for dairy farmers announced on July 13 was over-subscribed at the application closing date of August 3.

He said: “As a result of the very positive response and the ongoing fodder supply challenges being faced by Members, the board of Glanbia Co-op has today decided to increase the funds allocated to the scheme from €20 million to €30 million.”

In addition, the board has approved the following amendments:
  • Beef and sheep farmer members of Glanbia Co-op that are existing customers of Glanbia Ireland can now apply to participate in the Extended Credit Scheme;
  • Seed and fertiliser purchased by co-op members (tillage or livestock farmers) for the cultivation of catch crops to boost the supply of fodder for the forthcoming winter now qualify for inclusion in the Extended Credit Scheme;
  • Dairy farmers that missed the original deadline for applications can now apply to participate in the EC Scheme by a closing date of August 31.

The full terms and conditions and an application form for the Extended Credit Scheme for Beef and Sheep farmers will be communicated to all eligible Glanbia Co-op members in the coming days.

Technical information meetings

Glanbia last week completed a series of well-attended technical information meetings at six locations. In response to farmer demand, additional meetings will be held next week – venues will be advertised on Glanbia Connect and farmers notified.

Funding and delivery

The funding for this EC Scheme is being provided to Glanbia Ireland by Glanbia Co-op. The scheme will be operated by Glanbia Ireland. Any farmer interested in participating in this Scheme should contact their local Glanbia Ireland representative.

To qualify for the Beef and Sheep Extended Credit Scheme, customers must meet various criteria, including:
  • having purchased a minimum of €5,000 worth of feed and or fertiliser from Glanbia Ireland over the 12-month period August 2017 to July 2018;
  • Qualifying purchases are all feed and fertiliser purchased from Glanbia between the period August 13 to October 13; and,
  • For an individual farmer, the amount of available credit is set at a maximum of 20% of the applicant’s last 12 month purchases of qualifying products.