Avoid loan sharks and get best value: IFA advice
IFA’s National Farm Business Committee Chairman, Eddie Downey, cautioned farmers against being too loyal to their bankers and, as a result, not getting the best loan rates.
He said, “Financing seasonal working capital requirements out of overdraft accounts at interests rates of 8% and higher is crazy, particularly when viable options are readily available. Farmers should either negotiate a competitive rate on their overdraft account or switch accounts, or bank, to get seasonal finance at 5% or less from other lenders.”
