Rustons Engineering (RECO) has launched a number of low-cost finance schemes to help farmers fund replacement machinery despite the anticipated delays in Single Farm Payments under the new CAP regime.
In recognition of the effects that delayed support payments will have on cash flow, the Reco finance plans should help farmers avoid increased running costs by enabling them to replace machinery as required, rather than deferring purchases because of cash flow considerations.
Apart from an initial down payment, the finance plans are designed so that the rest of the payments do not fall due until after the Single Farm Payment has been received next spring. There are various options, including a zero interest scheme with a 50 per cent payment on signing and 50 per cent in 12 months time, a 1 per cent flat three-payment scheme ending on 31 December 2006, and a 2 per cent flat scheme with four half-yearly payments starting on 31 October 2005 and ending on 30 April 2007.
