The fund of the Future Growth Loan Scheme (FGLS) has been increased to €500m. This is good news for farmers, who are understood to have access to 40% (€200m) of the scheme.

Prior to this, farmers had exhausted their portion of the FGLS.

Minister for Agriculture Michael Creed acknowledged the demand for finance from the farming community and said a second tranche of the scheme had been planned before the pandemic. He said access to finance for farmers was vital.

“Loan terms range from eight to 10 years and loans of up to €500,000 can be unsecured. Interest-only repayments may be available at the start of the loans. The maximum interest rate will be 4.5%,” the Department of Business said.

However, an amendment to legislation will have to be passed before the full €500m can be secured from the European Investment Bank Group.

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