This innovative financial product was developed by GI, Finance Ireland, the Ireland Strategic Investment Fund (ISIF) and Rabobank.
Milkflex loans are now available through most dairy co-ops around the country.
MilkFlex won a European Award for Co-operative Innovation and is mainly used to fund investment in a broad range of qualifying assets on dairy farms. The average loan size is €90,000 and the term generally ranges from 8 to 10 years.
Welcoming the significant achievement, Billy Kane, Founder and Chief Executive of Finance Ireland said: “Glanbia Ireland played a critical role in the development of the Milkflex Loan Scheme. This product is uniquely designed for dairy farmers and its
success over the past few years testifies to the value of a flexible, accessible and competitive loan product in these challenging times.”
GI and Finance Ireland have recently agreed improvements to the application process to ensure there can be a two to three-week turnaround from farm visit to drawdown of loan funds. This enhanced application and approval process aligns to Covid -19 protocols.
Sean Molloy, Chief Growth Officer with Glanbia Agribusiness commented: “Glanbia Ireland is mindful of the range of challenges currently impacting cash flow on dairy farms, most notably as a result of the Covid-19 pandemic but also due to drought conditions in some parts of our catchment area. It is against this backdrop that GI would like to remind its suppliers that the MilkFlex product can be used to fund working capital.”
Furthermore, Glanbia Ireland farmers who are participants in the Glanbia Extended Credit (EC) Scheme launched in 2018 are eligible to apply, if they wish, for a MilkFlex loan. The EC scheme, which provided a two-year period of interest-free credit on input purchases to Glanbia Co-op shareholders, is due for final repayments by scheme participants over the summer months.
The key components of the MilkFlex product are as follows:
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