< p>Two major high street banks are offering fee-free bridging loans for farming businesses hit by delays in receiving their new Basic Payment Scheme (BPS).

The loan, available to existing customers of NatWest and RBS, will allow farming firms to borrow a significant proportion of the amount they expect to receive from the BPS, the EU’s new annual support payment.

Ian Burrow, Head of Agriculture and Renewable Energy at NatWest and RBS, has been working closely with industry bodies and said: “We wanted to let our customers know early that we will support them through any cash flow challenges that they may face as part of the implementation of BPS.”

Government officials are working to get payments out as quickly as possible however some customers may receive their payment six months later than usual.

“Our current expectation is that the delay will not be this long but it is prudent for businesses to plan for possibly a two to three month delay,” said Ian.

“We are dedicated to supporting the agricultural industry and would urge anyone who is worried or likely to be impacted to come and speak with us as soon as possible.”

The President of the National Farmers Union, Meurig Raymond, added: “We have been working closely with the financial industry to ensure they remain aware of the financial issues farmers are facing.

“RBS and NatWest have acted quickly to offer these fee-free bridging loans and we welcome their efforts.

“On BPS, we remain focused, working with government to ensure timely payments to our farmer members.”