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Almost one-third of the €50m Future Growth Loan Scheme (FGLS) funding available to farmers has been drawn down by just 27% of applicants.
The Strategic Banking Corporation of Ireland (SBCI) confirmed that approximately 130 farm loans have been sanctioned, “with an average loan amount of approximately €115,000 – totalling €14.9m of total sanctioned loans”.
The scheme has been roundly criticised for its slow rollout and two-stage approval process. In total, 469 farmers have received initial approval from the SBCI.
Pending cases
If the remaining farmers in the pre-approval stage draw down the average €115,000 some €53.9m will have been drawn down – exceeding the €50m that is currently available.
There is also an expectation that there will be further farmer applications as Ulster Bank opened for applications last week.
Meanwhile, AIB has yet to announce a launch date.
Dairy farmers made up the highest number of applicants, with 159 (33.9%) of pre-approvals, followed by crop and animal production with 89 (19%) and mixed farmers with 85 (18.1%) pre-approvals.
Ulster Bank has set aside €10m of the overall FGLS fund it received for farmers, leaving €40m to be shared between the remaining banks.
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