Farmers seeking finance told to outline a realistic business plan
Representatives of three banks attending Teagasc’s ‘Financial Planning for Expansion’ seminar in Mullingar, Co Westmeath, highlighted the scarcity of well-thought-out financial plans presented to them. Dairy farmer applications for banking finance have soared in the build-up to next year’s abolition of EU restrictions on milk output.
The banks also emphasised the disconnect between preparing such plans to “get the funding proposal across the line” and their use by farmers as a tool to monitor their financial performance in the subsequent years.
