Exclusive to Irish dairy farmers
Where can you begin?
MilkFlex is an award winning loan item built to offer dairy milk suppliers within the Republic of Ireland with a forward thinking loan product which helps protect farm incomes through the effect of dairy market volatility, seasonality and condition outbreak.
After a statement through the Minister of Agriculture on 8th might 2018, Finance Ireland Agri has launched MilkFlex as being a nationwide item, available through participating Co-ops.
One of the keys function of MilkFlex is it has inbuilt ‘flex causes’ that can adjust loan repayments consistent with motions in milk cost, thus supplying farmers with cashflow relief whenever most needed.
MilkFlex was created to assist dairy farmers enhance efficient dairy manufacturing and certainly will be applied for a multitude of purposes.
Function of the mortgage
Investment in effective dairy farm assets
Farm infrastructure (milking parlours, animal housing, farm roadways, etc.)
Dairy livestock acquisitions
Any work linked to schemes that are environmental low emissions slurry equipment (TAMS funded and non-TAMS funded) etc.
Grassland or land improvement, including reseeding and drainage works
Technical improvements, e.g. milking robots, monitoring gear etc.
Refinancing of any loan, cashflow or cash utilized in / on dairy farm projects, which commenced on or after first March 2014
Working capital for dairy agriculture
Loan information booklet
Need to know more about MilkFlex?
Find out about the important thing top features of a MilkFlex loan plus the online installment loans Illinois application procedure in this information booklet that is useful. Read our FAQs to get more.
So where can you begin?
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The Mortgage Application Process
Before a farm see could be carried out, listed here is needed to make sure significant engagement on the afternoon regarding the visit plus the suitability of MilkFlex for your needs:
Loan Amount & Purpose details
An Credit Bureau/Central Credit Register that is irish check
Experience of your accountant to produce information that is financial
Receive the newest three years milk manufacturing information from your own dairy that is participating Co-op
Note: A New Entrant to dairying will likely be expected to hold a Green Cert or comparable certification.
You could contact Finance Ireland straight by phone, through a devoted point of contact inside your local Co-op, or by going to the Finance Ireland site on www.financeireland.ie.
On receipt of contact, we’re going to offer you our Privacy Notice outlining how your data that are personal be processed.
Farm Browse Conducted
Following receipt of the initial information, Finance Ireland will contact you to definitely organize a mutually useful time for you to satisfy. during the farm see, the Agri company Manager (ABM) will review all aspects regarding the farm enterprise. The ABM will ask the applicant to give the after information at the farm check out:
As soon as all of the above information has been supplied the ABM will compose an extensive farm credit report, make a recommendation to your committed Agri Credit Team and return with a choice within agreed timeframes.
Accept loan drawdown procedure
When authorized, the effective applicant will get a milkflex loan agreement that is formal. Where in actuality the applicant accepts the loan contract they’ll certainly be expected to give listed here within the loan drawdown process:
a milk that is signed contract (MSA) involving the participating Co-op therefore the applicant. The minimal term of the MSA may be 8 years but may increase to ten years, to suit the mortgage term, in the event that flex trigger occasions are exercised throughout the term associated with the loan.
A Payment that is signed Instruction authorising the participating Co-op to subtract loan repayments from milk receipts.
A signed letter of guarantee will need to be provided in the case of limited companies.
FIA will issue the mortgage straight to the applicant’s selected bank account. Generally speaking, the process that is whole from initial contact to loan drawdown could be completed within just four weeks. Nevertheless, this schedule is based on the knowledge asked for being given by the applicant in a prompt way.
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