If you need new funding (or a review of existing bank funding) we can assist. With our backgrounds in banking and in more recent times, ‘hands on’ consultancy with Government agencies on SMEs we have unique expertise in this area, getting real results for our clients and accessing funding appropriate for their needs:

The farming sector has a number of characteristics which may be different from other small businesses, mainly:

  • Farming is usually a family business, with the farmer working on a self-employed basis rather than as a company
  • Farming businesses have access to more security as they have a relatively high level of fixed capital in terms of land and farm buildings
  • Farm income has two elements – payment for their produce (which tend to fluctuate with market conditions) and a fixed element in the form of direct payments from the government.

Farmers need to provide different information to the bank when seeking credit such as the following (requirements vary and this is only indicative of what may be sought/required):

  • Farm accounts for the past two years and a current list of stock on the farm
  • A farm plan setting out cash flow projections
  • A letter from the Department of Agriculture, Food and the Marine outlining the total Direct Payments to the farmer
  • An indication of family living expenses
  • Information about any off-farm income of the farmer and spouse
  • A Tax Clearance Certificate or a statement from an accountant confirming that your tax affairs are up to date
  • Information  regarding other credit sources used such as leasing companies or merchant/co-op credit

As with other businesses, farms would be expected to provide:

  • Details of the purpose of the loan
  • Adequate security.  A business’s existing bank will generally have adequate security in the form of a registered legal charge. Businesses seeking credit from a different bank could use the same statement of security as used for the existing bank
  • If applying to a new bank, businesses will likely be required to provide bank statements for the previous six months

We are specialists in securing agri-finance so for additional information on any aspect of the above, please contact Brian McAuliffe below.

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Please send us an email and we'll get back to you. Alternatively, please give us a call on 061-317260.