There has been significant interest so far in the new low-cost loans scheme from farmers across the agricultural sectors.

The scheme includes three banks, Ulster Bank, AIB and Bank of Ireland, and is in co-operation with the Strategic Banking Corporation of Ireland (SBCI) and the Department of Agriculture.

Liam Phelan, AIB’s regional agricultural adviser, said it’s too early to call which sector is showing the most interest, but it is very attractive to tillage farmers.

He also said there has been substantial level of interest so far and that it is a commonly held consensus that it will be oversubscribed.

Finance for stock

Applications will be decided on a first-come, first-served basis, and although it is in partnership with SBCI and DAFM, “it is totally up to the bank” when it comes to approving applications.

John Fitzgerald, head of agriculture with Bank of Ireland, also said interest was high but that correctly completed forms were of critical importance.

“There has been a lot of interest in loans for funding stock,” he added.

Meanwhile, Ulster Bank said the finance had been well received across all the agricultural sectors.

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Ulster Bank joins AIB and Bank of Ireland in opening low-cost loans applications