The Future Growth Loan Scheme (FGLS) is open for applications from 17 April, with up to €60m available to farmers out of the €300m scheme.
A two-stage application process is in place, and farmers must first apply to the Strategic Banking Corporation of Ireland (SBCI) and go through an eligibility check before being supplied with a reference number they can use with one of the approved lenders.
Farmers will also need to complete a business plan for amounts over €250,000 as part of the eligibility process.
It will then be up to AIB, Bank of Ireland or KBC as to whether a farmer meets the bank’s terms and conditions for a loan.
According to the SBCI, loans for primary agriculture must fulfil a certain purpose. These include:
The SBCI notes that the purchase of cattle does not qualify for loans.
Loan details
Loan amounts of between €50,000 and €3m are available per applicant.
Maximum interest rates of 4.5% for loans up to €249,000 and 3.5% for loans greater than €250,000 apply.
Loans are available on terms ranging from eight to 10 years and can be unsecured on amounts up to €500,000.
The initial SBCI application can be completed online and the application form can be found by clicking here.