CATTLE producers have been handed a timely financial boost with the announcement that Conister Bank is launching a loan scheme which could revitalise the island’s hard pressed livestock industry.
Conister are providing favourably rated loans of up to 18 months to enable cattle producers to fund the purchase of fresh stock.
The scheme – believed to be the first of its kind in the British Isles – is being championed by Isle of Man Meats who will be working in partnership with Conister to promote the new initiative.
The aim is to offer hard pressed beef farmers and other cattle producers a ready-made stream of capital, enabling them to finance the purchase of young calves.
Isle of Man Meats chief executive, John Dawkins, said the Conister Bank initiative had the potential to reverse the downward trend of diminishing numbers of cattle in the island and offer encouragement to young farmers coming into the industry.
‘This could present a great opportunity to some of our younger farmers to either establish themselves in the beef sector or expand their numbers where credit has been a limiting factor,’ said Mr Dawkins.
‘We are absolutely in favour of supporting local producers but we wouldn’t be able to sustain this without Conister’s backing,’ he said. ‘We are competitive against UK prices, so there is no reason for stock to be leaving the island.
‘We firmly believe this partnership agreement with Conister Bank will help kick start greater local beef production and to keep beef in the island where it rightfully belongs,’ said Mr Dawkins.
Conister intend a typical loan to be for the purchase of 10 animals and upwards at a time, with the understanding that healthy stock will be bought by Isle of Man Meats at the end of the term - guaranteeing producers a ready-made return on the initial investment. There would be no penalties for early loan repayments.
Meat producers requiring further information should either contact Andrew Bass at Conister on 694689 or John Dawkins at IoM Meats on 674346