Minister for Agriculture Michael Creed launches the Agriculture Cashflow Support Loan Scheme with Nick Ashmore, chief executive officer of the Strategic Banking Corporation of Ireland (SBCI).
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The Government’s low-cost loan scheme, which was developed in co-operation with the Strategic Banking Corporation of Ireland (SBCI), made €150m available to farmers at interest rates of 2.95%. Over 4,000 loans totalling €132m were issued by September 2017.
Dairy and beef farmers drew down more than 84% of the money or just over €112m. Dairy farmers drew down the largest amount of borrowing at 44% of the total amount or €57.9m. Beef farmers accounted for 41% of the money, drawing down €54.1m. Tillage and horticultural farmers drew down €9.4m. Sheep farmers drew down €3m, while pig farmers drew down €1.8m. The average loan size was just under €33,000. On dairy farms, the average loan size was €38,000, with 1,518 loans drawn down. Beef farmers drew down more loans, at 1,940, but the average loan size was €10,000 less at just under €28,000. As few as 190 loans were drawn down by tillage and horticulture farmers, with an average loan size €30,000. Pig farmers drew down the most on average, with 21 farmers drawing down loans of an average €84,000. The average loan size among the 141 sheep farmers who drew down loans was €21,000. Other loans amounted to €6.5m (not included in graphic).
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The Government’s low-cost loan scheme, which was developed in co-operation with the Strategic Banking Corporation of Ireland (SBCI), made €150m available to farmers at interest rates of 2.95%. Over 4,000 loans totalling €132m were issued by September 2017.
Dairy and beef farmers drew down more than 84% of the money or just over €112m. Dairy farmers drew down the largest amount of borrowing at 44% of the total amount or €57.9m. Beef farmers accounted for 41% of the money, drawing down €54.1m. Tillage and horticultural farmers drew down €9.4m. Sheep farmers drew down €3m, while pig farmers drew down €1.8m. The average loan size was just under €33,000. On dairy farms, the average loan size was €38,000, with 1,518 loans drawn down. Beef farmers drew down more loans, at 1,940, but the average loan size was €10,000 less at just under €28,000. As few as 190 loans were drawn down by tillage and horticulture farmers, with an average loan size €30,000. Pig farmers drew down the most on average, with 21 farmers drawing down loans of an average €84,000. The average loan size among the 141 sheep farmers who drew down loans was €21,000. Other loans amounted to €6.5m (not included in graphic).
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