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Cattle Farm, Displaying the Financial Challenges Facing UK Farmers.

Richard Newell, head of agriculture at Santander, discusses the financial challenges facing UK farmers and how support from banks is crucial to the health of the financial industry. He says that with the prospect of delays in the Basic Payments Scheme payments, it is 'great' to see banks covering the period when farmers are waiting for money from the Government and doing so without fees. Newell notes that Santander is playing its part by using increased overdraft facilities with no establishment fees to help where the delays are impacting cashflow. Newell also highlights the benefits of Santander's Working Capital solutions, which allow buyers to take advantage of any prompt payment discounts offered by suppliers while repaying Santander at the point when the original invoice payment terms expire. Newell adds that, with backing from the European Investment Bank and the European Investment Fund, Santander can offer UK-based qualifying businesses lower cost finance through the EIB SME and EIF InnovFin SME Guarantee schemes.

 

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