OREANDA-NEWS. April 07, 2011. Cooperation between the farmers having been granted a loan at Ukio bankas and the bank will become more simple. From now on the farmers will not have to provide financial data to the Bank themselves. Ukio bankas and Lithuanian Agriculture Advising Service have concluded an agreement which sets direct automated exchange of financial data between the bank and Lithuanian Agriculture Advising Service providing accounting management and advisory services to farmers, reported the press-centre of Ukio Bankas.

"It is the first decision of this kind in Lithuania, which will enable to take a large part of financial documentation burden from the farmers’ shoulders. Up to now the farmers, having been granted a loan had to provide the bank with quarterly and annual financial statements and from now on – they will be able to use direct data exchange service and this way to simplify the process of financial data provision. The implemented solution will provide a possibility to the specialists of finance working at the Bank and Lithuanian Agriculture Advising Service to communicate directly. Now the farmers will be able to engage in their own activity and to develop business”, – said Gintaras Ugianskis, Chairman of the Board of Ukio bankas.

In the first quarter of 2011 comparing to the respective period last year Ukio bankas loan portfolio to the farmers of Lithuania grew more than 20 percent. This year first quarter portfolio of the loans to the farmers amounted to LTL 53 million, the bank has concluded 470 agreements with persons and companies operating in agricultural business.

According to Zita Sinickiene, a head of LZUKT economy accounting unit, the concluded cooperation agreement will increase efficiency of the work of advisors, financial processes will be held faster and it enable to work with larger number of clients. The clients, who have accounts at Ukio bankas, upon their agreement to use their data, will avoid accounting mistakes since the data between the service and the bank will be exchanged directly.

Ukio bankas, in cooperation with Loan Fund established by Ministry of Agriculture of Lithuania provides reduced loans to the farmers according to the measures “Modernization of Agricultural Holdings – support by credits” and “Processing of Agricultural Products and Increasing of Added Value – support by credits”. Almost EUR 8.5 million is allocated to the credits granted from the Fund by Ukio bankas.