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The Government has dropped the minimum draw-down limit from €50,000 to €25,000 in the low-cost loan scheme.
Minister for Enterprise, Trade and Employment Leo Varadkar said the Future Growth Loan Scheme (FGLS) had been “repurposed” to respond to COVID-19. While the news will mean that more farmers can access the scheme, currently the farm portion of the scheme has been exhausted with concerns growing over the roll-out of the next tranche.
It’s time for the Government to swiftly clarify the small print
Up to €200m will be injected into the scheme for farmers but the Strategic Banking Corporation of Ireland has indicated to this newspaper it will be a number of weeks before the funding becomes available.
IFA farm business chair Rose Mary McDonagh, called on the Government to roll-out the FGLS and the Covid Credit Guarantee Scheme (CCGS).
“It’s time for the Government to swiftly clarify the small print and promptly make the funds available,” McDonagh said.
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