Bank of Ireland Launches New Guide to Improving Farm Cashflow Ahead of the 2024 National Ploughing Championships

Bank of Ireland Launches New Guide to Improving Farm Cashflow Ahead of the 2024 National Ploughing Championships

Bank of Ireland is encouraging farmers to consult its new cashflow management guide as the agriculture industry deals with the impact of unfavourable weather and volatile market conditions.

Bank of Ireland's expert team of advisers will be attending this year's National Ploughing Championships, engaging directly with customers and industry stakeholders as the wider sector grapples with profitability issues and the availability of cash. The Bank's new 5-step cashflow management highlights areas including;

• How early recognition of cashflow issues is vital
• The need to take action and seek advice as soon as the problem is identified
• Knowing the facts and understanding your debt levels
• Examining practical solutions inside the farmgate
• Speaking to financial providers and creating a sustainable financial plan

As the leading lender to Ireland's agriculture industry with over 82,000 farm customers on its books, Bank of Ireland is keenly aware of the issues faced by farmers, including dealing with cash flow challenges and meeting sustainability demands. It also stands ready to support farmers, who are looking to;

• Invest in additional slurry storage
• Refinance on-farm cash investments made from cash over the past two years
• Access finance to meet the growing demand for land purchases
• Install solar panels to reduce energy costs and combat high energy prices
• Enhance their environmental compliance as part of farming practices

Eoin Lowry, Head of Agri Sector, Bank of Ireland said:"The launch of this new 5-step plan to improve farm cashflow is designed to address a growing need in the industry. Good cashflow management is vital in both good times and trickier times for farmers, and as the sector continues to evolve and farmers deal with a number of challenges Bank of Ireland is committed to working with our customers to ensure farms remain viable and also ready to capitalise on opportunities as they arise.

"We can also see from our day-to-day interactions with the agri community that young people continue to view farming as an attractive career choice, and the massive crowds expected to attend the National Ploughing Championships in the coming weeks will further serve to highlight all that the sector has to offer."

ENDS

To access the new 5-step plan to improve farm cashflow please click here