The D.O. Monterrei and ABANCA find formulas to face the challenges of the wine sector

The C.R.D.O. Monterrei and ABANCA give a new impetus to their collaboration after renewing the agreement that both entities maintain in force. The Regulatory Council and the bank have worked on a new text very focused on providing answers to the limit situation that the countryside is experiencing, very marked by the rise in costs.

The president of C.R.D.O. Monterrei, Lara Da Silva, and the director of zone of ABANCA in Ourense Sur, María José Pérez, have been commissioned one more year to sign the new agreement in Verín. From now on, winegrowers and wineries can access new financing alternatives designed to meet the needs of the group.

The focus of the new catalogue lies on the most pressing needs for the collective, very marked in these first months of the year in credit. Therefore, products with improved conditions are included in the contract, among which a credit account designed to finance the expenses of fertilizer, pruning and other aspects of the activity of the sector stands out. With all this, they will have a term of up to five years, which will allow them to save expenses of notarial intervention.

The members of the D.O. Monterrei will also opt for products such as foreign trade lines, financing through leasing, confirming, factoring, guarantees and advances of subsidies or taxes.

In the case of launching investments to improve the competitiveness of their farms, grow or face strategic challenges, the group will have other solutions such as specific loans with broad repayment terms and low interest rates. In addition, they will be able to take advantage of the official financing formulas that the bank includes in the agreements with various public bodies, such as the ICO or the Igape.

The financial institution will make available to wine growers specific insurance for the sector, such as the Agro Insurance line, the Farm Insurance or the Small Wineries. To manage this, ABANCA will offer the members of the Regulatory Board personnel specialized in insurance management to advise them on policies that best suit personal needs.

“With the renewal of this agreement we seek that our wineries and winegrowers have the option to opt for services and products that are useful for their daily operation”, highlights the president of the C.R.D.O. Monterrei, Lara Da Silva.