Finance Ireland lending to dairy farmers surpasses €100m
Ireland’s largest non-bank lender, Finance Ireland, has said that its lending to Irish dairy farmers has now surpassed €100m and is growing.
Finance Ireland has also confirmed that Milkflex loans are now available as a standard lending product from the company.
They can be used for a wide variety of dairy farm investment purposes and requires no asset security from borrowing farmers.
Finance Ireland also confirmed that dairy farmers from 17 different Co-Ops have taken loans through the innovative Milkflex scheme for uses ranging from the purchase of refrigerated bulk tanks, environmental investments to milking parlors through to refinancing bank debt.
MilkFlex offers flexible, competitively priced loans to dairy farmers with repayments linked to movements in milk price.
It was developed by Finance Ireland and is supported by the Ireland Strategic Investment Fund (ISIF) and Rabobank.
The Minister for Agriculture, Michael Creed said the Strategic Banking Corporation of Ireland (SBCI) recently issued an open call inviting banks and other lenders to become lending partners for the the long awaited Future Growth Loan Scheme.
The Future Growth Loan Scheme has been developed by his Department and DBEI in partnership with the Department of Finance, SBCI and the European Investment Fund (EIF).