United Dairy Farmers banks five-year funding package
Stephen Hester, Chief Executive, Royal Bank of Scotland Group with David Dobbin, Group Chief Executive, United Dairy Farmers
ULSTER Bank has provided a new five-year funding package to the United Dairy Farmers Group which includes their processing subsidiary, Dale Farm.
United will be one of the first local businesses to benefit from the Government’s Funding for Lending scheme, allowing the company to secure this funding package at a reduced interest rate.
David Thomas, managing director, Corporate Banking at Ulster Bank said: “We are a significant provider of finance for companies of all sizes. In 2011, we provided more than £100 million in new and increased lending facilities for prime agricultural and related processing businesses, and in the first six months of this year we have supported a further 400 new lending applications within this sector. The Funding for Lending scheme provides us with a further opportunity to support our business customers to reach their potential and we are welcoming applications.”
Stephen Hester, chief executive, Royal Bank of Scotland Group recently met with David Dobbin group chief executive, United Dairy Farmers to hear about the opportunities and challenges facing the local agri-food sector.
Mr Hester, said: “It’s heartening to see a company which is a cornerstone of the local dairy industry competing so successfully on the national and international stage. Financial support is an essential ingredient in ensuring that the agri-food sector in Northern Ireland can continue to successfully compete and grow and we are committed to playing our part in this respect.”
David Dobbin, group chief executive of United Dairy Farmers outlined the company’s ambitious growth plans: “There are significant opportunities in the dairy sector and we have an ambitious investment programme especially in cheese and the rapidly growing whey-based nutrition products. While we face strong international competition, we have a growing capability and are rapidly establishing a reputation as a quality supplier in our target markets.”
Ulster Bank offers a range of business products and cash management solutions for the agri-food sector.
Further details on Ulster Bank’s services for business customers is available at: www.ulsterbank.co.uk/ni/business/supporting-your-business/overview.ashx.
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Tuesday 21 May 2013
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