Farmer demand for the Future Growth Loan Scheme (FGLS) has remained high throughout the year, accounting for 40% of the overall loan numbers for the €500m scheme.
The latest figures from the Strategic Banking Corporation of Ireland (SBCI) also show that farmers accounted for 23% of money that was drawn down.
Earlier this year, figures showed that dairy farmers were leading the demand for loans, with an average drawdown of €122,000.
Considering the needs of Irish farmers, a specific minimum of €50,000 was negotiated for them.
The loans have an initial maximum interest rate of 4.5% for loans amounting to less than €250,000. The loans are for terms of eight to 10 years and unsecured up to €500,000.
A minimum loan amount of €100,000 applies up to a maximum of €3m per applicant. However, considering the needs of Irish farmers, a specific minimum of €50,000 was negotiated for them.
Farmers can still apply for loans, initially through the SBCI, and then through their own banking provider. However, they should be aware that the loan amount apportioned to Bank of Ireland has now been fully subscribed and is no longer available.
Farmers can visit the SBCI website for more details.