Ulster Bank has launched a new pasture loan which, it says, can be up to €60,000 per customer over a five-year period.

It says it is designed to assist dairy, beef and sheep farmers who are seeking to improve their pasture grass production and utilisation.

Reseeding levels in Ireland are traditionally low compared with best practice guidelines, with less than 2% of the total grassland area reseeded annually.

Commenting on the new loan, Dr Ailish Byrne, Senior Agricultural Manager with Ulster Bank, said grass growth rates can make a significant difference to the profitability of a farm.

“When supported by investment and maintained to a high standard, grass can be a core profit-producing asset on a farm and can make a real difference in the competitive advantage of milk, beef and lamb production.

“UIster Bank has a wide range of products and services tailored for farmers and agri-businesses across the country.

“We are the only bank to have accredited agri-experts who have been awarded the Certificate in Agricultural Finance from Chartered Banker so I would encourage customers who would like to discuss this loan and other services to get in touch with us.”

The pasture loan, which could be subject to security, will be available to farmers who are looking to invest in any of the following improvements: grazing infrastructure (paddocks, water systems and grassland measurement), drainage, reseeding underperforming swards and soil fertility (N (nitrogen), P (phosporous), K (potassium) and Lime).