Barclays announces £100m fund to boost UK agriculture
Barclays has announced it is making £100m available in loans to boost the UK agriculture sector and ‘help future-proof the industry for the next generation.’
Alex Black
Alex is business reporter at Farmers Guardian covering areas including commodity prices, imports and exports, property and land across all Load More...
Alex Black
Alex is business reporter at Farmers Guardian covering areas including commodity prices, imports and exports, property and land across all Load More...
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The loans will be available to farmers looking to invest in business efficiency, modernise or diversify and the maximum loan will be £2.5m.
Loans from the fund have fixed fees starting at 0.6 per cent for a loan term of 0-5 years, 0.75 per cent for loans that are 6-10 years and rising to 0.9 per cent for loan terms of 11-15 years.
Mark Suthern, Head of Agriculture at Barclays, said: “We are committed to supporting British farming and we are dedicating £100m in lending solely for use within the farming industry to help boost the industry’s profitability and efficiency.
"This fund will provide essential investment. The fund will also make it easier for farmers to find alternate sources of income, decreasing the impact of price volatility on farm incomes."
Mr Suthern also said the fund was not a reaction to the vote to leave the EU.
"We had this conversation in November.
"Agriculture is a resilient sector. It is an innovative sector that is inter-generational. The sector has gone through thorough change and survived. The fund is here to say we are here for the long term."
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All material published on FGInsight.com and FarmersGuardian.com is copyrighted © 2019 by AgriBriefing Limited. All rights reserved.
