LacPatrick is rolling out the low-interest rate loan scheme MilkFlex to our suppliers. MilkFlex was launched by Glanbia in 2016 and is now available to all co-ops in the Republic of Ireland.
An information meeting for LacPatrick suppliers will take place on Tuesday 5 June at 11am in the Four Seasons Hotel, Monaghan.
This is the perfect opportunity to learn more about MilkFlex and how it might be of benefit to you. MilkFlex is aimed at giving farmers access to competitively-priced loans with payments linked to the milk price and the seasonality of milk production.
What is MilkFlex?
MilkFlex, which is supported by funding from the Ireland Strategic Investment Fund (ISIF) and Rabobank, offers flexible, competitive loans of between €25,000 and €300,000 over eight to 10-year periods.
How does MilkFlex work?
There are in-built “flex triggers” in MilkFlex which allow for seasonal repayments that are linked to movements in milk prices and potential disease outbreak as well as investment periods. No asset security is required either.
This means that when milk price dips below a certain threshold for a minimum of three consecutive months, then both the principal and interest repayments are reduced. Alternatively, if the milk price rises above a certain threshold for three consecutive months then the repayments increase. If a farmer is unlucky enough to have a significant outbreak of a notifiable disease, such as TB, then all repayments are suspended for six months.
How can I apply?
At the MilkFlex information meeting next Tuesday, 5 June at 11am in the Four Seasons Hotel you will be able to register your interest in the scheme and commence the process. Representatives from Finance Ireland as well as LacPatrick will be on hand to answer your questions around MilkFlex.
All LacPatrick suppliers interested in participating in the scheme are encouraged to attend. If you have any further questions, please contact the Monaghan office on 047 81400 or visit www.financeireland.ie/products/milkflex/overview/