Lloyds TSB Commercial Finance has gone all mooey by offering HP
facilities on the purchase of cattle by farmers.
The facilities are being made available through customers of
United Auctions, the livestock auctioneers based in Scotland.
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Interest rates are fixed at the time of purchase and, according
to United Auctions, “repayments are carefully scheduled to coincide
with the sale of livestock, meaning the credit deal remains cash
flow positive for the farmer”.
Alastair Gray, operations manager at Lloyds TSB Commercial
Finance, said: “This innovative funding facility is great news for
the farming community as it gives farmers the option of spreading
the cost of buying cattle at auction, as well as freeing up working
capital to enable them to grow their business.
“We worked closely with the team at United Auctions to structure
this complex and novel deal and look forward to continuing our
long-standing relationship with the firm.”
The new arrangement replaces a financial arrangement with NFU
Mutual, which recently came to an end.
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