AIB encourage early contact from cash-strapped farmers
Depleted fodder reserves, limited grass growth and a delay in turning livestock out to grass have meant that this Spring has been among the most challenging experienced by Irish farmers for a number of years.
Eamonn O’Reilly, AIB Agri Advisor in Offaly said: “We are conscious of the challenges that farmers are currently experiencing and the impact that this is likely to have on farm cash flow. We understand that cash flow support will mostly be short-to-medium term in nature, and a return to normal weather and grass growing conditions should alleviate some of the operational and financial pressures on-farm."
"However, we are also aware that the full impact on cash flow may not be fully apparent until later in the year, as the payment of increased creditor bills, delayed cattle sales and a requirement to build up fodder stocks may impact on cash flow throughout the summer."
O’Reilly encouraged farmers who may be need of cash flow support to quantify the level of support required and to make early contact with the bank to find an appropriate solution to their circumstances.
“When meeting with your bank, try and establish how long the cash flow pressure is likely to last and determine the level of support required to get through this period. If your situation is urgent it is important to advise your bank which will allow them to prioritise your request,” O’Reilly added.
AIB have a range of support measures available that can be tailored to suit individual circumstances including:
· 48 hour decision on business loans and overdrafts up to €60,000 for AIB customers
· Flexible working capital finance by way of a AIB Farmer Credit Line at a competitive interest rate
· Extended contact hours for farmers via a dedicated phone line, 1890 47 88 33, which is available Monday to Friday 8am to 9pm and Saturdays from 9am to 6pm.
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