Glanbia Co-operative Society is to increase the funds allocated to its recently announced Extended Credit (EC) Scheme to €30 million and has broadened the eligibility criteria to include fodder catch crops and Beef and Sheep enterprises.
The Glanbia Co-op Extended Credit Scheme supports qualifying Members by offering interest-free deferred payment terms for the purchase of inputs from Glanbia Ireland.
Glanbia Group Chairman Martin Keane confirmed that the initial €20 million Extended Credit Scheme for dairy farmers announced on 13 July was over-subscribed at the application closing date of 3 August.
He said: “As a result of the very positive response and the ongoing fodder supply challenges being faced by Members, the Board of Glanbia Co-op has today decided to increase the funds allocated to the Scheme from €20 million to €30 million.”
In addition, the Board has approved the following amendments:
· Beef and Sheep farmer Members of Glanbia Co-op that are existing customers of Glanbia Ireland can now apply to participate in the Extended Credit Scheme;
· Seed and fertiliser purchased by Co-op Members (tillage or livestock farmers) for the cultivation of Catch Crops to boost the supply of fodder for the forthcoming winter now qualify for inclusion in the Extended Credit Scheme;
· Dairy farmers that missed the original deadline for applications can now apply to participate in the EC Scheme by a closing date of 31 August.
The full terms and conditions and an application form for the Extended Credit Scheme for Beef and Sheep farmers will be communicated to all eligible Glanbia Co-op Members in the coming days.
Glanbia last week completed a series of well-attended technical information meetings at six locations. In response to farmer demand, additional meetings will be held next week – venues will be advertised on Glanbia Connect and farmers notified.