Glanbia Wins Cogeca Innovation Award For Its MilkFlex Fund
Glanbia has recently won an innocation award for its Glanbia MilkFlex Fund, which was presented by European agri co-ops representative body Cogeca.
The fund reportedly offers Glanbia’s milk suppliers in the Republic of Ireland competitive loans to invest in on-farm productive assets, including livestock, milking platform infrastructure and land improvement.
The innovative fund’s repayments vary with seasonality and movements in milk price, reports the Irish Examiner.
"The purpose of the fund is to provide our milk suppliers with innovative funding that helps protect farm incomes from the impact of dairy market volatility." Henry Corbally, Glanbia chair, said.
Funding For Farmers
Corbally adds that since its launch in March 2016, the fund has encouraged renewed debate on the development of innovative funding products for farmers which is positive for the overall sector and to be welcomed.
Since the MilkFlex Fund was introduced to the market in May 2016, it has received more than €90 million in loan applications.
Reportedly, the average value of MilkFlex loans drawn from the fund is €100,000 to date.
© 2017 - Checkout Magazine by Donna Ahern