AgriBank continues to support farming industry
Dedicated lender to the UK farming industry, AgriBank, is looking to carry on its success at this year’s Lincolnshire Agricultural Machinery Manufacturers Association (LAMMA) event.
LAMMA will take place on Wednesday 20 January and Thursday 21 January 2016 at The East of England Showground in Peterborough.
Following the success of last year’s event, where AgriBank had the opportunity to meet with many new farmers and recruit new clients, it hopes to replicate its popularity this year.
“I met Frank Sekula, AgriBank’s founder at LAMMA last January and was impressed with his understanding of the UK farming industry and his ‘can do’ attitude,” said Andrew L. based near Louth, Lincolnshire, who subsequently became a client.
“After an initial discussion we ended up doing the deal and have been very happy with AgriBank doing everything they said they would do.”
Last year, AgriBank was able to provide £500,000 to a beef farmer to expand his herd, £50,000 working capital for a bed and breakfast pig farmer and £150,000 for a biomass boiler for a poultry farmer, among other funding projects.
The agricultural lender specialises in financing machinery, equipment, farms and renewable energy project for British farmers.
David N. based in Southery, Norfolk, also became a client after meeting with AgriBank at LAMMA 2015.
“We are an agricultural machinery manufacturer which exports over 75% of our output to various countries,” he said. “When we first met AgriBank, we already had in place a financial arrangement with our bank, secured against bricks and mortar, however this arrangement did not give us enough headroom to allow us to build up our stocks during the off season so that we could then increase sales in the busy periods.
“As a result, we found it hard to increase our business,” he continued. “AgriBank provided the solution with a simple and flexible financing package, meaning we now have the resources to build up stocks and have machinery available at the busy times of year. The arrangement allows us to either repay when we sell a machine or let it run its 24-month agreement period.”
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