The names of banks who have been approved as lending partners have yet to be announced.\ Ramona Farrelly
ADVERTISEMENT
Farmers will have access to just 16% of the €300m Future Growth Loan Scheme.
The Strategic Banking Corporation of Ireland has confirmed farmers will have only limited access to the fund.
“A maximum of €50m will be provided to the primary agriculture sector,” a spokesperson told the Irish Farmers Journal.
ADVERTISEMENT
A significant proportion of the remaining funding under the scheme is expected to go to businesses in the wider agri-food sector, he said.
The loan fund was promised 18 months ago in Budget 2018 to help support farmer capital investment in the face of Brexit.
It has been dogged by delays, with a new launch date promised for March this year.
Minister for Agriculture Michael Creed previously said that as 40% of the seed money had been provided by his Department, the agri-food sector would have access to €120m of the overall fund at an interest rate of less than 4.5%.
Under the 2017 low-cost loan scheme, €145m was drawn down by farmers within 10 weeks at an interest rate of 2.95%.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Farmers will have access to just 16% of the €300m Future Growth Loan Scheme.
The Strategic Banking Corporation of Ireland has confirmed farmers will have only limited access to the fund.
“A maximum of €50m will be provided to the primary agriculture sector,” a spokesperson told the Irish Farmers Journal.
A significant proportion of the remaining funding under the scheme is expected to go to businesses in the wider agri-food sector, he said.
The loan fund was promised 18 months ago in Budget 2018 to help support farmer capital investment in the face of Brexit.
It has been dogged by delays, with a new launch date promised for March this year.
Minister for Agriculture Michael Creed previously said that as 40% of the seed money had been provided by his Department, the agri-food sector would have access to €120m of the overall fund at an interest rate of less than 4.5%.
Under the 2017 low-cost loan scheme, €145m was drawn down by farmers within 10 weeks at an interest rate of 2.95%.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS