[ad_1]
Barclays Bank has opened a new lending facility at a reduced interest rate, specifically for farm businesses carrying out regenerative and sustainable practices.
Farmers are being offered a 0.3% discount on interest rates for eligible borrowing. The reduced rate would cut repayments by up to £5,000 on a £500,000 loan over a seven-year period.
To qualify, farm businesses must provide evidence to the bank of involvement in an eligible government scheme, or an approved farm certification scheme.
This can include participation in certain actions within Defra’s Sustainable Farming Incentive and Countryside Stewardship Higher Tier.
See also: Oxbury launches low-interest facility for transition on-farm
Qualifying industry schemes include Leaf Marque standard, Soil Association certification, and Regenified’s verification standard.
This fund facility forms part of Barclays’ ambition to be net zero as a business by 2050.
Wayne Astridge, head of agriculture at Barclays, said: “Farm Transition Finance reflects our ongoing commitment to the sector and is a clear example of how we’re working with farmers as they navigate the transition and explore opportunities to continuously improve their sustainable farming practices.”
A recent survey by the banking group found that more than two thirds of UK farmers were keen to adopt nature-positive practices, yet cost, complexity, and uncertainty remain barriers.
Dana Clouston, head of sustainable finance at Barclays, wrote on social media platform LinkedIn that Barclays Farm Transition Finance was designed to break these barriers and support UK farmers as they shift toward regenerative and sustainable agriculture.
[ad_2]
Source link