Due to the surge in fertilizer prices so far in 2022 which has resulted in the cost of standard fertilizer products such as Urea spiralling to over €900/t – this is prompting serious fears of serious credit difficulties within the agri trade.
Each year up to 1.5milion tonnes of fertilizer is purchased by Irish farmers at a cost of €500 million, the trend so far for this season looks like the price will increase dramatically.
People First Credit Union is calling on farmers to look to their Credit Union as an option for agri finance.
In June 2020 PFCU launched their Agri Loan, which is flexible and can be tailored to the needs of individual applicants.
The PFCU Agri Loan can be used for a variety of purposes including- working capital, stocking, machinery purchases, cash flow and farm investments.
People First Credit Union Agri Loan features include:
- Loans up to €50,000 from 6.75% APR
- Loans up to €80,000 considered
- Loan term up to 15 years (depending on purpose)
- Suitable for all farm enterprises
- Can be unsecured or unsecured, depending on amount and risk.
- Flexible repayment options
- Entitlements can be mandated and coincide with repayment dates
- 48-hour lending decisions, once all paperwork is received (SME Regulations)
Another Low-Cost Credit option available to farmers from People First Credit Union is the Government secured SBCI Covid 19 Loan.
This loan is available to primary producers that are financially impacted as a result of Covid 19 and again can be used for an array of agri purposes.
Click hereor more details on lending criteria and how to apply click on https://peoplefirstcu.ie/loans/sbci-covid-19-credit-guarantee-scheme-for-smes
Loan features:
- No security will be required for loans up to €250,000.
- Loans from €10,000 to a maximum of €1,000,000 per borrower
- Terms of between 3 months up to 5.5 years.
- Loans available up to end of June 2021
- Loan Purpose:
- Working capital or investment
- The Scheme will also permit the refinance and rollover of debt incurred as a result of Covid-19: e.g. Covid-19 related expenses that were initially funded through short term/temporary facilities such as overdrafts.
- The Scheme will also permit the refinance and rollover of debt incurred as a result of Covid-19: e.g. Covid-19 related expenses that were initially funded through short term/temporary facilities such as overdrafts.
More info
For more details on People First Credit Union Agri Lending, contact
Belinda Gyves Ph: 086 858 7177 / Email: Belinda@peoplefirstcu.ie
SEE ALSO – Check out the People First Credit Union website here
