Exclusive to Irish dairy farmers
Where can you begin?
MilkFlex is an award winning loan product built to offer dairy milk vendors into the Republic of Ireland with a cutting-edge loan product which helps protect farm incomes through the effect of dairy market volatility, seasonality and infection outbreak.
After an statement through the Minister of Agriculture on 8th might 2018, Finance Ireland Agri has launched MilkFlex being a product that is national available through participating Co-ops.
The main element function of MilkFlex is so 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 will be applied for a multitude of purposes.
Reason for the mortgage
Investment in effective dairy farm assets
Farm infrastructure (milking parlours, animal housing, farm roadways, etc.)
Dairy livestock acquisitions
Any work regarding ecological schemes, low emissions slurry equipment (TAMS funded and non-TAMS funded) etc.
Grassland or land enhancement, including reseeding and drainage works
Technical improvements, e.g. milking robots, installment loans Georgia monitoring gear etc.
Refinancing of any loan, cashflow or cash utilized in / on dairy farm jobs, which commenced on or after first March 2014
Performing capital for dairy agriculture
Loan information booklet
Wish to know more about MilkFlex?
Find out about one of the keys attributes of a MilkFlex loan and also the application procedure in this information booklet that is useful. Read our FAQs to get more.
So how can you begin?
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The Loan Application Process
Before a farm check out may be carried out, listed here is needed to guarantee significant engagement on the afternoon regarding the see as well as the suitability of MilkFlex for your needs:
Loan Amount & Purpose details
An Irish Credit Bureau/Central Credit Enter check
Experience of your accountant to give information that is financial
Have the newest 36 months milk manufacturing information from your own dairy that is participating Co-op
Note: A New Entrant to dairying is likely to be needed to hold a Green Cert or qualification that is equivalent.
You may possibly contact Finance Ireland straight by phone, through a point that is dedicated of in your local Co-op, or by going to the Finance Ireland site on www.financeireland.ie.
On receipt of contact, we are going to offer you our Privacy Notice outlining just exactly exactly how your individual data will be processed.
Farm Browse Conducted
After the receipt of your initial information, Finance Ireland will contact you to definitely organize a mutually beneficial time and energy to fulfill. The Agri Business Manager (ABM) will review all aspects of the farm enterprise at the farm visit. The ABM will ask the applicant to deliver the information that is following the farm see:
When most of the information that is above been supplied the ABM will write a thorough farm credit report, create a suggestion to the devoted Agri Credit Team and return with a choice within agreed timeframes.
Accept loan drawdown procedure
When authorized, the effective applicant will get an official milkflex loan contract. In which the accepts that are applicant loan contract they’ll certainly be expected to produce the next within the loan drawdown process:
a milk that is signed Agreement (MSA) between your participating Co-op therefore the applicant. The minimum term of the MSA will soon be 8 years but may increase to ten years, to complement the mortgage term, in the event that flex trigger activities are exercised throughout the term for the loan.
A finalized Payment Instruction Letter authorising the participating Co-op to subtract loan repayments from milk receipts.
When it comes to limited organizations, a finalized page of guarantee will have to be supplied.
FIA will issue the mortgage straight to the applicant’s nominated bank account. Generally, the entire process, from initial contact to loan drawdown is completed within just four weeks. But, this timeframe is based on the knowledge asked for being given by the applicant in a manner that is timely.