Bank offers payment holiday

BARCLAYS BANK is to offer farmers a loan repayment holiday to ease financial pressure on its customers whose harvest has suffered this year.

The bank‘s arable customers will be able to defer loan payments until they receive this year‘s IACS cheques, helping businesses to manage cashflow.

Poor quality, reduced yields and extra drying costs caused by the wet weather could hit cashflow hard, said Richard Lole, the bank‘s national agricultural policy manager.

But by suspending loan repayments, farmers would have funding to plant and establish autumn crops.