Dairy farmers are being offered support with the launch of Dairyflex, a finance package from the Bank of Ireland.
The scheme is available to fund farm development, including milking parlours, land purchases, bulk milk tanks and working capital, along with the option to fund investments made from cashflow within the previous two years.
New entrants can borrow to fund infrastructure and stock before beginning milk production. The minimum loan size is €15,000 and there is an option to make repayments in line with the seasonal milk curve.
The Dairyflex scheme has already been rolled out to milk suppliers through partner co-ops with nearly 2,000 applications. Since the milk quotas were removed in 2015, €1bn has been invested in Irish dairy farms and supply has increased 50 per cent.
One of the benefits of Dairyflex to milk suppliers is the ability to borrow up to €120,000 unsecured at a variable interest rate of 3.73 per cent, with a maximum term seven years unsecured. Another features is that Dairyflex can be used to purchase land and fund farm yard developments over longer periods.
LSL News.