Glanbia co-op to allow beef and sheep farmer members access to credit scheme
Glanbia Co-operative Society is to increase the funds allocated to its recently announced Extended Credit (EC) Scheme to €30 million and has broadened the eligibility criteria to include fodder catch crops and Beef and Sheep enterprises.
The 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 13 July was over-subscribed at the application closing date of 3 August.
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 that 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.
To qualify for the Beef and Sheep Extended Credit Scheme, customers must meet the following criteria be Glanbia Co-op members. The must also fulfil the following requirements:
- Have 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 for the Beef and Sheep Scheme are all feed and fertiliser purchased from Glanbia between the period 13 August to 13 October;
- 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;
- Repayment will be made over the three months of October 2019, April 2020 and October 2020 in equal instalments;
- Sign up to a direct debit from their Bank mandating the required repayment;
- Participation in this Scheme is subject to credit assessment and individual limits
Glanbia Co-op also announded that 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 31 August.