Manx farmers are being given financial assistance to buy essential fertiliser products.
Conister Bank has stepped in to provide a solution following the shock announcement by ING late last year that it would no longer be providing credit facilities.
The news represented a major hurdle for the farming community but assistance is now available to cover the rising cost of fertiliser – and, for the first time, from an Isle of Man lender.
Under the terms of the new scheme, Conister has confirmed that a comparable finance arrangement to that previously offered by ING will be made available.
Loans may be spread over an eight-month period, known as the four and four system. For the first four months there is nothing to repay, with the balance spread over the final four months.
General manager of Isle of Man Farmers Jim Duncan said: ‘Persistent poor weather has been disastrous for local farmers. And now, to add to that pressure, we are coming into the season when fertiliser is going to be in high demand. Without the assistance that Conister is providing, it would be very difficult for many farmers to afford the level of supplies that they need.
‘We are very fortunate to have a locally based bank that is prepared to back our farmers at the very point when they really need it
Conister Bank’s Andrew Bass commented that the new lending facility for fertiliser was a natural progression for the Bank.
‘There has never been a more important time to do whatever we can to support the local agriculture sector,’ he added.