21 Sep 2015

Thousands apply for Fonterra loan

6:32 am on 21 September 2015

Fonterra says 5,000 people - nearly half of its shareholders - have applied for its interest free loans so far.

Fonterra building

The Fonterra headquarters on Princes St in central Auckland. Photo: RNZ / Kim Baker Wilson

The 10,500 farmer shareholders can apply for an interest-free loan of 50 cents for every kilogram of milk solids produced from 1 June to 31 December 2015.

Fonterra managing director of co-operative affairs Miles Hurrell said farmers were giving a lot of feedback, saying they appreciated the co-op was trying to help them through extremely tough times.

Mr Hurrell said it was also pleasing to hear of the number of farm owners discussing the Co-operative Support loan directly with their sharemilkers.

Applications for the interest free loans close at 5pm this Friday.

Get the new RNZ app

for ad-free news and current affairs