Bank of Ireland has today, 26 July, announced that in excess of £15million has been committed to agri businesses since the launch of its £50million agri investment fund launched late 2011. The bank has stated this fund can be used to help farmers cover extra costs and potential production losses as a result of the recent poor weather conditions.
 
Commenting on behalf of the Bank, William Thompson, Agri Manager for NI said: “Through our participation at local agri shows and direct contact with many farmers on the ground, we are very aware of the impact the level of rainfall experienced over recent weeks is having on agri businesses.  Many have yet to secure enough winter feed and the quality of much of the silage made to date is below what they would normally achieve.
 
“Ground conditions in many parts of the country have forced farmers to re-house livestock. We know that this will lead to increased feed costs later in the year in many instances. When the associated drop in milk production, loss of thrive and damage to crops are also taken into consideration, there will be additional working capital funding required on many farms and we want to help provide that funding where we can.
 
“We would ask our customers and indeed non-customers to contact their local branch if they think they will need increased cash flow support. Their relationship managers can help them work out a viable solution to help manage short term cash flow difficulties which may arise”, concluded William Thompson.

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