Lloyds Bank has launched a range of finance offerings aimed specifically at deer farmers, developed with the Venison Advisory Service (VAS).
The packages include asset finance to allow farmers to upgrade facilities and purchase new equipment. Lloyds said it will provide working capital solutions such as repayment holidays, and medium to long term funding for livestock, housing, and equipment.
According to the VAS, the venison industry will grow by 10% in 2017, but high operating costs prevent farmers from growing herds.
The UK industry risks failing to keep up with demand, as the VAS reported a third of venison sold in the country is imported.
Lloyds said its offering would help farmers manage their income cycles and help them establish herds when they are not generating income. Its products will be made available to both new and established venison farmers.
Andrew Naylor, UK head of agriculture, Lloyds Banking Group, said: “Our venison finance products will alleviate working capital pressure and free up cash that otherwise be tied up in new livestock.
“We hope that this specialist finance will support and encourage farmers to expand in a growing market or start a new venture.”
Lloyds launched Pullet Finance last year to provide a finance offering for egg producers and the poultry industry.