Overview MilkFlex. MilkFlex was designed to assist dairy farmers enhance dairy that is efficient and will be properly used for a multitude of purposes.
Exclusive to Irish dairy farmers
Where do you really begin?
MilkFlex is an award winning loan item made to offer dairy milk vendors when you look at 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 May 2018, Finance Ireland Agri has launched MilkFlex as being a nationwide item, available through participating Co-ops.
The important thing function of MilkFlex is so it has inbuilt ‘flex causes’ that can adjust loan repayments in accordance with motions in milk cost, therefore supplying farmers with income relief whenever most needed.
MilkFlex is made to assist dairy farmers enhance efficient dairy manufacturing and may be properly used for numerous 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 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, monitoring gear etc.
Refinancing of every loan, money or cashflow utilized in / on dairy farm jobs, which commenced on or after first March 2014
Performing capital for dairy agriculture
Loan information booklet
Need to know more about MilkFlex?
Read about the important thing top features of a MilkFlex loan plus the application procedure in this helpful information booklet. Read our FAQs to get more.
So how do you really begin?
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The Mortgage Application Process
Before a farm see may be carried out, the next is needed to guarantee significant engagement on a single day regarding the check out as well as the suitability of MilkFlex for your needs:
Loan Amount & Purpose details
An Irish Credit Bureau/Central Credit Enroll check
Experience of your accountant to give you information that is financial
Receive the latest 36 months milk manufacturing information from your own participating dairy Co-op
Note: A New Entrant to dairying will likely 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 internet site on www.financeireland.ie.
On receipt of contact, we’re going to offer you our Privacy Notice outlining exactly exactly exactly how your personal information will be prepared.
Farm Visit Conducted
After the receipt of one’s initial information, Finance installment loans Wyoming Ireland will contact you to definitely arrange a time that is mutually beneficial fulfill. During the farm check out, the Agri company Manager (ABM) will review all aspects of this farm enterprise. The ABM will ask the applicant to give the after information at the farm check out:
When most of the above information has been supplied the ABM will compose a thorough farm credit report, produce a suggestion to the devoted Agri Credit Team and revert with a choice within agreed timeframes.
Accept loan drawdown procedure
As soon as authorized, the effective applicant will get an official milkflex loan agreement. Where in fact the accepts that are applicant loan contract they’ll be expected to give listed here within the loan drawdown process:
a finalized milk supply contract (MSA) between your participating Co-op plus the applicant. The minimal term with this MSA will likely be 8 years but may increase to ten years, to complement the loan term, in the event that flex trigger activities are exercised through the term associated with loan.
A Payment that is signed Instruction authorising the participating Co-op to subtract loan repayments from milk receipts.
When it comes to restricted organizations, a finalized letter of guarantee will have to be supplied.
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 may be completed in under four weeks. Nevertheless, this schedule is dependent on the info asked for being supplied by the applicant in a manner that is timely.