Barclays has announced moves to support its Agricultural customers affected by delayed payments Basic Payment Scheme (BPS) payments.
Thousands of farmers in England, Wales and Northern Ireland have been paid since the EU BPS payment window opened on December 1.
But thousands more across the UK face a wait until January and in many cases beyond before they receive their money.
Barclays said it would support any farming customer who payments are delayed, either until January 2016 or beyond.
Its Agricultural Managers will work with affected farmers ’to understand their individual circumstances’ and will offer:
Mark Suthern, Head of Barclays Agriculture said many farming sectors had experienced tough trading conditions in late 2014 and throughout 2015.
He said planning for cashflow was ’imperative to help farming businesses manage their finances’.
He said: “Barclays Agriculture has a long history of supporting UK Farming for over 250 years through many difficult times, this latest commitment is part of that on-going support for the industry.
"Farming businesses that are anticipating an urgent need of BPS income to aid cashflow in December and into 2016 should talk as soon as possible with their Agriculture Manager so a facility can be put in place to ease that pressure.”
Last week, Lloyds announced its £500mto help farmers protect themselves from the effects of possible delays to BPS payments.
The contingency fund will help farming customers who may need access to finance within the Basic Payment window before their payment arrives.
Any of the Group’s farming customers who are recipients of the Basic Payment will be entitled to request support from the fund.
All facilities set up for farmers affected by delays will be free of any arrangement fees, although interest will be charged on any sums borrowed.
The bank will also be helping customers, who have elected to receive their payment in Euros, by extending the window during which they can protect – or hedge – the foreign exchange rate used to calculate the amount of Sterling they will receive for their Basic Payment.
This extension means customers will have up to six months, rather than the usual three months, to convert the Euros to Sterling at the rate they had agreed at the outset.