Minister Michael Creed has said that €120m of the €300m future growth loan scheme will be available for agriculture.

The scheme was announced by Paschal Donohoe in Budget 2019 as part of the Government’s Brexit response and will be available to small and medium enterprise (SMEs), including the primary agriculture and seafood sectors.

In response to a parliamentary question from Fianna Fail’s Jackie Cahill, Minister Creed said that as his Department was providing 40% of the funding, an overall agrifood package of €120m would be available.

Young farmers

Minister Creed said: “This is a long-awaited source of finance for young and new entrant farmers, especially the cohort that does not have high levels of security.”

It will also serve smaller-scale farmers, who often do not have the leverage to negotiate for more favourable terms with their banking institution.”

He said he expected the scheme to be in place in early 2019 and that it would run for three years from its launch date.

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