Farmers and food producers thinking of investing in their businesses could access discounted borrowing rates from the Agricultural Mortgage Corporation (AMC plc).
AMC has negotiated access to a £multi million European Investment Bank (EIB) fund aimed at stimulating investment and job creation in small and medium sized businesses, including those in farming. This means that loans for eligible projects can be discounted by 0.8% below normal rates for 10 years.
AMC agent Rostons says this is an exciting development and means that loans for a wide range of farm and diversification projects such as building works, livestock housing and crop storage, farm shops and farm energy schemes can be heavily discounted.
“The previous scheme met with strong farmer demand in the area with many using it as an opportunity to develop projects that improve efficiency, productivity or help to manage costs.”
“With demand for food underpinning optimism across many sectors and challenges around managing production costs, this scheme offers a real financial boost at an important time for many farm businesses. I would urge anyone who is about to fund a farm improvement programme to find out how the EIB scheme could help reduce costs,” concludes Tony Rimmer, Director of Rostons Ltd.
For more information, and to find out whether your project is eligible contact Tony Rimmer or Sam Starkey at Rostons on 01829 773000.