Farming & Fisheries

Bank of Ireland offers new competitive finance scheme to West Cork dairy farmers

March 27th, 2021 8:00 AM

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By John Fitzgerald

Bank of Ireland is delighted to announce the launch of Dairyflex, a competitive finance package to support dairy farmers supplying the West Cork co-ops including Bandon, Barryroe, and Lisavaird

Since the lifting of milk quotas in 2015, supply has grown 50% and €1bn has been invested in Irish dairy farms.  Dairyflex has been  rolled out to milk suppliers through partner co-ops, and the scheme has been very successful to date with almost 2,000 applications received.

John Fitzgerald, Agri Manager Munster, Bank of Ireland

 

Dairyflex is available to fund farm development, such as bulk milk tanks and milking parlours, land purchases and working capital, along with the ability to fund investments made from cashflow within the previous 2 years. The minimum loan size is €15,000 and there is the option to make repayments in line with the seasonal milk curve.

A key benefit of Dairyflex to milk suppliers is the ability to borrow up to €120,000 unsecured at a variable interest rate of 3.73% (maximum term 7 years unsecured). A further benefit is that Dairyflex can be used to purchase land and fund farm yard developments over longer periods. For example, farm yard development finance up to 15 years is available, as well as finance for land purchases up to 20 years.

New entrants can also borrow to fund infrastructure and stock prior to commencing milk production.

For farmers interested in hearing about the benefits of Dairyflex, please contact any of the Bank of Ireland staff listed below. Normal lending terms & conditions apply.

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