Barclays is committing financial support to its Agricultural customers who could be affected by delayed payments from the Basic Payment Scheme (BPS).
The BPS payment window opened on 1 December 2015, and while a number of farmers have received payment, a proportion of farming businesses have been notified that their payment will not be processed until after 31st January 2016.
In the event that payments are delayed, either until January 2016 or beyond, Barclays will support any farming customer impacted and is encouraging farmers to plan ahead now. Many farming sectors have experienced tough trading conditions in late 2014 and throughout 2015 therefore planning for cashflow is imperative to help farming businesses manage their finances.
Mark Suthern, Head of Barclays Agriculture commented: “Barclays Agriculture has a long history of supporting UK Farming for over 250 years through many difficult times, this latest commitment is part of that on-going support for the industry. Farming businesses that are anticipating an urgent need of BPS income to aid cashflow in December and into 2016 should talk as soon as possible with their Agriculture Manager so a facility can be put in place to ease that pressure.”
Barclays Agricultural Managers will work closely with farmers impacted by potentially delayed payments to understand their individual circumstances and can offer:
• A temporary fee-free extended or increased existing overdraft, increased working capital available to help customers cover cash flow impacted by any delayed payments to BPS.
• Capital Repayment Holidays on mortgages and loans, in order to ease cash flow problems over the coming months (dependent upon individual circumstances)
•Communication is key: Barclays is encouraging UK farmers that are experiencing cashflow difficulty from delayed payments to plan ahead and contact their Agriculture Manager.