- Finance Ireland announces that its lending to Dairy Farmers has now surpassed €100 million.
- 17 Co-Ops now making Finance Ireland Milkflex loans available to members with the average loan amount of approximately €100,000.
- Further borrowing to support growth expected in months ahead
Ireland’s largest non-bank lender, Finance Ireland, has announced that its lending to Irish dairy farmers has now surpassed €100 million 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 and is supported by the Ireland Strategic Investment Fund (ISIF) and Rabobank.
Speaking today, Billy Kane, Chief Executive of Finance Ireland said:
”The success of MilkFlex has really exceeded our expectations. We are supporting investment by dairy farmers right across the country providing a highly flexible product at a really competitive interest rate. We have already signed up 17 Co-Ops and we expect to confirm new additions to that number in the coming months. Our team has personally visited over 1,500 farms to discuss their borrowing requirements. Milkflex is only available through Finance Ireland and meets a clear need amongst expanding dairy farmers.”
Applications are assessed and approved by Finance Ireland. As with any lending application, Finance Ireland requires a clear business case in order to justify support of the lending decision.
Issued on behalf of Finance Ireland by Gordon MRM
Ph: 087 2417373