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Bank of Scotland ready to help farmers

Staff writer ▼ | November 28, 2015
Bank of Scotland is ready to help farmers who may face delays in receiving their Basic Payment Scheme (BPS) payments which are due to be paid at the beginning of next month.
Scotland farmer
Farming   The BPS replaces the Single Farm Payment
The BPS replaces the Single Farm Payment, which though has a payment window of up to June, has historically been made at the start of December.

With December just a few weeks away there is concern across the Scottish farming community about the impact of delayed payments.

To help with this, Bank of Scotland launched a new multi-million pound fund earlier this year to help Scottish farmers manage the financial impact of any delay and has called on customers who need to make use of the provision to get in contact as quickly as possible.

The Scottish Government this week published its timetable and confirmed that farmers are to receive their payments in two parts. The majority should receive their initial payment, which will be worth a minimum of 70 per cent of the total payment by the end of January. All first instalments are expected to be paid by the end of March with the balance of payments due to be settled in April.

Any of the Bank’s farming customers, who are recipients of the Basic Payment, will be entitled to request support from the fund. Farmers will be offered the support in anticipation of their Basic Payment – the value of which varies widely based on a range of factors including the size and type of farm in question.

Although the support will be offered on a commercial basis, with interest charged on any sums borrowed, all facilities set up for farmers to access the fund will be free of any arrangement fees.