Legislation required for the roll-out of the €300m Future Growth Loan Scheme announced in last week’s budget is being treated as a “matter of urgency” by Minister for Business and Enterprise Heather Humphreys.

“I’ve brought the heads of bill to cabinet and we will be bringing forward the legislation as a matter of urgency and want to see it completed by the end of the year so we’re ready to launch this new €300m long-term loan in early January,” Humphreys told the Irish Farmers Journal on Wednesday.

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The loan scheme has been dogged by controversy since a previous loan scheme for farmers was announced in last year’s budget but failed to materialise.

The €25m set aside for the low-cost loan scheme in 2018 will be used in this €300m loan scheme.

Up to 40% (€120m) of the scheme will be available as an overall agri-food package.

Minister for Agriculture Michael Creed has stated that the scheme in the new year will be aimed at young and new-entrant farmers, but the long-awaited loan scheme hinges on legislation that must be brought forward by Minister Humphreys.

Long-term period

“People or businesses can borrow up to €3m and the minimum loan is €50,000. It’s over a long-term period. Banks normally lend out to seven years. This will be for loans up to eight to 10 years,” Minister Humphreys said.

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