ENP Newswire -
Release date- 28072014 -
These flexible new loan products have been developed to support farmers during times of commodity price volatility and the potential impact these can have on farmer income.
The Bank's new AgriFlex farm loans will offer customers the opportunity to align their loan repayments with their farm's cash-flow. With features including interest only repayment periods, AgriFlex will help offset the impact of sudden falls in farm gate prices to their customers.
Speaking at the launch,
'The abolition of the milk quota in April of next year provides a unique opportunity for renewed growth in this very important sector of the economy. Our commitment to this important sector remains core to our strategy. We recognise that many farmers are looking to expand or change their businesses but need some support to address the potential challenges which they can face as a result of fluctuating prices, variable weather patterns and increasing costs of doing business.
'Among the most frequent risks and concerns identified by farmers when considering borrowing money to grow their businesses is price volatility. We understand these concerns and recognise that financial ups and downs are a feature of farming. We have developed the AgriFlex farm loans which will provide our farming customers with the flexibility to reduce monthly repayments (e.g. through availing of interest only repayments) in these situations. In addition, we continue to actively support the Agricultural Processing Sector and to explore a range of other options to deal with volatility at processor level, including the potential to provide some hedging capability via the commodity futures markets'.
Welcoming the new product and fund,
'A further key part of the Bank's successful approach to the agriculture sector is our network of highly experienced agri managers which are available across the country to support farmers and to help them to ensure that they make the right investment choices', concluded
Most Popular Stories
- Bently Creates Alabama Small Business Commission
- When to Say No to Investors, Yes to Mentors
- Bolivar Appointed to NSHMBA National Board
- Rosneft Growth Slowed by Western Sanctions
- Duke Energy, Strata Partner on Big Solar Project
- SBA Kicks off Hispanic Heritage Month
- Lindsay Lohan Claims She Handled Whitney Houston's Body Bag
- Hispanic Buying Power Slow but Growing in South
- Ukraine Offers Temporary Autonomy to Rebel-held Areas
- Thousands Risk Losing Health Care Aid