Rural Finance Tier 1 funding

With Letters of Offer being issued to farmers across Northern Ireland, Terry McCarron from Rural Finance NI says they are pleased to be able to continue offering funding for the third tranche of Tier 1 of the Farm Business Improvement Scheme.

Friday, 5th March 2021, 8:36 am

“As a recognised lending institution, we provided a considerable number of ‘Indication of Support Letters’ to accompany the farm business application for all three tranches of the Tier 1,” he said.

“In addition to the ‘Letter of Support’ we also provided the funding for those applicants who were successful in Tranche 1 & 2.

“We are happy to do so again for this third tranche, regardless if we provided the initial funding Support Letter or not – new enquiries are welcome.

“Rural Finance NI will put in place the funding required to cover the cost of the items being applied for – the money is paid directly into the customer’s account allowing them to fulfil the DAERA criteria that they have paid for the item/s in full out of their bank account.

“Some customers who have availed of this service for the previous tranches of the Tier 1 were particularly pleased to be able to benefit from the flexible repayment schedules that Rural Finance NI can offer, including being given the option to repay the 40% grant money when it is received – resulting in the standard repayment being much lower than it would have otherwise been.

“The finance can also be approved in advance and the funds drawn down when it suits the farmer best.”

Terry reminded successful applicants of the Tier 1 that they “should return their Form of Acceptance as soon as possible and no later than 28 days from the date of the Letter of Offer.

“Rural Finance NI are always happy to take new enquiries and offer any assistance that we can whether it be for the Tier 1 or for other projects such as HP on machinery (new or used) or for general farm improvement, for example loans for yard improvements, fencing or shed builds.”

Call Rural Finance NI on 028 8289 8527 or visit the website to see what they can offer you: www.ruralfinanceni.co.uk