Callan Co-op Members Can Now Access Bank of Ireland’s Dairyflex Loan Scheme
Kilkenny’s Callan Co-op has announced that its members can now access Bank of Ireland’s Dairyflex loan scheme. First launched in 2016, and with 1,000 farmers nationwide having already availed of the scheme, Dairyflex provides competitively priced finance to milk suppliers looking to develop their dairy enterprises.
The Dairyflex loan scheme is available to Callan Co-op milk suppliers, for unsecured borrowings of up to €120,000. These unsecured loans are available for 7-year terms, while farmers can also avail of longer secured term loans for land purchases (up to 20 years) and large farm development loans of up to 15 years.
Applicants can also use Dairyflex funding for buying machinery and equipment (incl. new bulk tanks & cooling equipment), as well as working capital, stock & land purchases.
Lorraine Hayden, Bank of Ireland Kilkenny Branch Manager commented: “We are delighted that Callan Co-op members can now access the Dairyflex loan scheme. Whether it’s the competitive interest rates on offer, the simplicity of the application process, or the flexible repayment terms, Dairyflex provides Callan Co-op members with multiple options as they look to invest in their business or to refinance with Bank of Ireland.
Bank of Ireland’s Leinster Agri Manager Susan Maher said: “We expect to see further investment in the development of dairy farms over the coming years, as the dairy industry takes measures to improve its environmental footprint. And the Dairyflex loan scheme is the ideal product to enable Callan Co-op members to make these changes and fund these investments over terms of up to 15 years.”
James Fitzgerald, General Manager of Callan Co-op said: “Callan Co-op is delighted to partner with Bank of Ireland in making affordable finance available to our milk suppliers. From short term working capital requirements to longer term farm investments, this product gives all Callan Co-op members access to increased finance options, providing them with a valuable financing option as they look to develop their businesses.”
ENDS
Notes to editors;
- The Dairyflex interest rate is 3.73% variable and Dairyflex has no loan arrangement or handling fees
- Loan repayments can be made from business current accounts and are not taken from farmers monthly milk payments
- Flexible repayment options are available in line with milk production