Farmers Guradian
Topics
Nine ways to keep your farm vehicles safe

Nine ways to keep your farm vehicles safe

DataHub

DataHub

Dairy Farmer Magazine

Dairy Farmer Magazine

Auction Finder

Auction Finder

British Farming Awards

British Farming Awards

CropTec

CropTec

LAMMA 2019

LAMMA 2019

You are viewing your 1 free article

Register now to receive 2 free articles every 7 days or subscribe for unlimited access.

Subscribe | Register

Barclays announces support for farms hit by BPS payment delays

Barclays will provide support for farmers whose BPS payments are delayed until and January and beyond. Lloyds has also announced support for affected farmers.
Some farmers face a long wait for their first BPS payments
Some farmers face a long wait for their first BPS payments

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:

 

  • A temporary fee-free extended or increased existing overdraft, increased working capital available to help customers cover cash flow impacted by any delayed payments to BPS.
  • Capital Repayment Holidays on mortgages and loans, in order to ease cash flow problems over the coming months (dependent upon individual circumstances)

 

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.”

Lloyds fund

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.

 


Read More

15,000 farmers in England told they might be waiting until February for Basic Payments 15,000 farmers in England told they might be waiting until February for Basic Payments
Barclays launches first ever agriculture apprentice programme in banking Barclays launches first ever agriculture apprentice programme in banking
RPA confirms BPS payment delivery to 33,000 farmers today RPA confirms BPS payment delivery to 33,000 farmers today
UK producers hit with reduced Basic Payment as exchange rate set UK producers hit with reduced Basic Payment as exchange rate set
Farmers pledge support as floods cause carnage in Cumbria and Scottish Borders Farmers pledge support as floods cause carnage in Cumbria and Scottish Borders

State of play with BPS across the UK

TwitterFacebook
Post a Comment
To see comments and join in the conversation please log in.

Most Recent

Facebook
Twitter
RSS
Facebook
Twitter
RSS