Last week, Minister for Agriculture Michael Creed stated that interest rates for the low-cost loan scheme in 2018 would have to be higher than last year’s rate of 2.95% if the fund was to be bigger.

The next loan scheme has been highly anticipated by farmers, with €25m announced in the budget to be used as seed money, which is expected to leverage between €200m and €300m.

However, a number of farmers and farm organisations were concerned by the minister’s comments that it could be a decision between a lower interest rate or a bigger fund. The Irish Farmers Journal is asking you to pick which you’d choose on our poll.

The €150m made available in 2017 to farmers was snapped up, with a large portion of the money allocated by December last year. An average amount of €33,900 was drawn down by farmers.

But the IFA has been disappointed with the Department of Agriculture’s time frame for this year's scheme, with the loans not expected to be rolled out until the middle of the year and interest rates expected to be higher.

IFA farm business chair Martin Stapleton stated that: “We don’t want farmers to be delaying investments.”

“It is vital that the loans are attractive and competitive."

Rates up for low-cost loan scheme

Attractive interest rate drove low-cost loans – Ulster Bank

Poll: which option would you prefer under a low-cost loan scheme?

As rumours emerge that the interest rates could be higher in the next round of low-cost loans, we ask what type of scheme you'd like to see.