Farmers are being urged to avail of the €2bn COVID-19 credit guarantee scheme before it runs out in December.

To qualify for the scheme, an applicant must self-declare a 15% loss to its actual or projected turnover as a consequence of COVID-19 and loan amounts vary from €10,000 to €1m.

There is also the possibility of availing of €250,000 unsecured. Loan terms range from three months up to 5.5 years, with some interest rates starting at 2.75%. Applications and queries can be made directly to AIB, Bank of Ireland or Ulster Bank.

Investment

Rose Mary McDonagh, chair of the IFA farm business committee, said: “Loans will be unsecured up to €250,000 and are available through the main banks for working capital and investment.

“Farmers are encouraged to apply sooner rather than later because the deadline for applications is 31 December.”