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Ulster Bank is to become just the second lending institution to accept applications for the Future Growth Loan Scheme (FGLS), almost six months after it was first rolled out by Minister for Agriculture Michael Creed and Minister for Business Heather Humphreys.
The scheme provides loans at interest rates of up to 4.5% and was lauded repeatedly by the Government as supporting farmers to become “Brexit-ready”, but has been dogged by delays.
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Agriculture
Ulster Bank confirmed that they have been allocated €50m of the overall €300m available in the fund. The bank is setting aside 20% (€10m) for the primary agriculture sector.
"Of that €50m, 20% will be allocated to Primary Agriculture Sector, in line with our agreement with SBCI."
To date Bank of Ireland is the only other bank open for applications.
With just over a month until Brexit, many farmers will be concerned that the unexplained slow roll-out of the fund to all banks will cripple their ability to avail of the fund in time for Brexit.
In the previous low-cost loan scheme worth €150m to farmers, Ulster Bank was able to offer €25m in lending to farmers.
Minister Heather Humphreys confirmed to the Irish Farmers Journal that just €30m of the overall €300m has been drawn down to date.
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