Ulster Bank launches €60k loan scheme for farmers
The first ever pasture loan, available to new and existing customers across the island of Ireland will see credit extended to farmers for up to five years.
Loans of up to €60,000 will be available, with the product designed to assist dairy, beef and sheep farmers who are seeking to improve their grass production and utilisation.
Reseeding levels in Ireland are traditionally low compared with the best-practice guidelines, with less than 2% of the total grassland area reseeded annually, according to the Irish Journal of Agricultural and Food Research.
Commenting on the new financial product, senior agricultural manager with Ulster Bank Ailish Byrne said: “Grass growth rates can make a significant difference to the profitability of a farm, and we’re proud to be introducing this new support for Irish farming.
“When supported by investment and maintained to a high standard, grass can be a core profit-producing asset on a farm and can make a real difference in the competitive advantage of milk, beef and lamb production.
“UIster Bank has a wide range of products and services tailored for farmers and agri-businesses.”
The loan, which could be subject to security, will be available to farmers who are looking to invest in any of the following improvements: grazing infrastructure (paddocks, water systems, and grassland measurement), drainage, reseeding underperforming swards and soil fertility (N (nitrogen), P (phosporous), K (potassium), and lime).
