Farmers are likely to benefit from a second low-interest loan scheme as part of next week’s budget.
Following the huge interest in the SBCI Agricultural Cashflow Support Loan Scheme announced in Budget 2017, Minister for Finance Paschal Donohoe is expected to pledge funds to leverage money at low interest rates that farmers can access through the pillar banks.
About 5,000 farmers availed of the previous scheme, which saw €150m loaned at 2.95%.
ADVERTISEMENT
The scheme was massively oversubscribed, with the money snapped up in a couple of weeks.
The IFA is looking for a €500m scheme this year.
Minister for Agriculture Michael Creed, whose initiative it was to use the €11m of crisis funds from Brussels last year as the seed capital for the scheme, augmented by a further €14m of Exchequer funding, is sure to be advocating a follow-up.
Taoiseach alludes
In response to a question by the Irish Farmers Journal at this year's National Ploughing Championships, An Taoiseach Leo Varadkar said a new low-cost loan scheme is "absolutely something that we are looking at".
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Farmers are likely to benefit from a second low-interest loan scheme as part of next week’s budget.
Following the huge interest in the SBCI Agricultural Cashflow Support Loan Scheme announced in Budget 2017, Minister for Finance Paschal Donohoe is expected to pledge funds to leverage money at low interest rates that farmers can access through the pillar banks.
About 5,000 farmers availed of the previous scheme, which saw €150m loaned at 2.95%.
The scheme was massively oversubscribed, with the money snapped up in a couple of weeks.
The IFA is looking for a €500m scheme this year.
Minister for Agriculture Michael Creed, whose initiative it was to use the €11m of crisis funds from Brussels last year as the seed capital for the scheme, augmented by a further €14m of Exchequer funding, is sure to be advocating a follow-up.
Taoiseach alludes
In response to a question by the Irish Farmers Journal at this year's National Ploughing Championships, An Taoiseach Leo Varadkar said a new low-cost loan scheme is "absolutely something that we are looking at".
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS