The loan scheme, Agri Cashflow Support Loan Scheme, was announced last month in the 2017 Budget and today partners are being called to help roll out the loans.

This was revealed last week by the Irish Farmers Journal.

“This loan scheme forms part of a “three pillar strategy” in response to income volatility, which I announced as part of the recent Budget,” Minister for Agriculture, Michael Creed said of the new loan scheme.

“Along with tax measures and farm payments, it will alleviate some of the pressures being caused by the current market difficulties, including currency fluctuation in the aftermath of the Brexit referendum,” he added.

Cashflow management

The scheme will help farmers improve the management of their cashflow and reduce the cost of their short-term borrowings.

Public funding of €25m from the Department of Agriculture, which includes €11m made available under the EU’s exceptional adjustment aid for milk and other livestock farmers and €14m in national funding, provides leverage for the €150m scheme.

The Minister concluded: “2016 has been a challenging year for farmers. As well as income volatility, there is a lot of uncertainty regarding the potential impact of Brexit on the Irish agri-food sector. In this context, the scheme will enable farmers to improve their working capital position and provide longer-term financial stability”.

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How to get access to the €150m loan