Ulster Bank helps NI farmers to upgrade their facilities


Ulster Bank helps NI farmers to upgrade their facilities

Ulster Bank has helped a Northern Ireland farm take advantage of the business opportunities provided by animal welfare legislation by entering the free range egg market.

Coolwynds Farm in County Tyrone has developed a free range egg laying unit housing 16,000 birds for £470,000, partly financed by Ulster Bank through the Funding for Lending scheme. The new facility provides the farm with an additional income stream to their traditional suckler cow business.

Cormac McKervey, Senior Agricultural Manager, Ulster Bank says that a year on from the introduction of The Welfare of Laying Hens Directive, those producers who have invested in their cages to ensure they are compliant are seeing opportunities in the market.

"The major GB retailers and multi-nationals are now only selling eggs from fully compliant producers which gives local farmers who have made the investment a significant advantage," he says.

"We have supported many growers, both new to the sector and existing customers, who have expanded or upgraded their facilities and with local egg suppliers building strong markets across Great Britain and the Republic of Ireland we see further opportunity for steady growth in the sector."

Coolwynds Farm is one of hundreds of businesses in Northern Ireland which have drawn on money  through the Bank of England and HM Treasury Funding for Lending Scheme. The scheme has been used by Ulster Bank to remove arrangement fees and cut the interest rate on eligible business loans by 1%, potentially saving customers a significant sum of money.

Ulster Bank has been a leading provider of lending to the poultry sector and is strongly focused on supporting its farming and business customers.

David George, Ulster Bank Business Development Manager, works closely with David and Andrew Brady from Coolwynds Farm. He says: “Maximising the resources and space available to generate sustainable returns is important for any business and we are confident this diversification will be an extremely productive long-term investment for Coolwynds Farm.”

The new unit at Coolwynds Farm will produce eggs for leading egg processor, Erne Eggs, with all the bird feed sourced from another local supplier, Fane Valley.

Further information on Ulster Bank’s products and services for business customers is available at:

www.ulsterbank.co.uk/ni/business.ashx

Tagged

Latest news

RBS to help 2.5 million people each year to be more financially capable

RBS has today committed to helping 2.5 million people in the UK each year to improve their financial capability.

RBS to increase lending to sustainable energy sector following £1.1bn securitisation of loans to UK sustainable energy market

RBS has executed a £1.1bn securitisation deal with Macquarie Infrastructure Debt Investment Solutions (MIDIS), which will allow the bank to recycle capital and increase lending to the sustainable or renewable energy sectors.

RBS launches £1 billion Female Entrepreneurship Funding and announces targets to help create at least 50k new businesses by 2023

RBS has today announced a new £1 billion in funding through NatWest to support female entrepreneurs in the UK to scale and grow – the largest intervention by a UK lender focused specifically on female-led businesses.

Set Tab for lightbox