Co-ops offer new farmer credit deals
FARMERS are being offered a new credit arrangement through co-operatives.
Interest rates are said to match or better overdraft charges and repayments are tailored to cashflow.
Unifarm Advance is being offered by United Farmers, a federal of 21 supply co-ops in Scotland and northern England which has a membership of about 20,000.
The deal is offered through Farm Masterloan, a subsidiary of Barclays Bank.
UF chief executive Uel Morton said the collective strength of the co-ops had enabled it to secure a good deal.
He accepted it was also attractive for co-ops. They will receive instant payment and remove bad debt risk.
By arranging a revolving credit limit through Masterloan and agreeing a repayment schedule with the farmer, the co-op would receive payment in full while the farmer was left to repay at an agreed time within 12 months. *