Applications are now open for the next tranche of the Future Growth Loan Scheme (FGLS).

An additional €500m had been announced at the start of June but legislative changes had delayed the start date.

It is understood that farmers will have access to 40% of the second tranche, with loans supplied by AIB, Bank of Ireland and Ulster Bank.

There is a two-stage application process in which applicants are required to get pre-approval from the Strategic Banking Corporation of Ireland (SBCI) before applying to their chosen bank.

Loans of between €25,000 up to €3m are available for terms of between seven to 10 years.

Loan uptake

“The uptake of the Future Growth Loan Scheme by the agri-food sector has been very strong and I am aware that there has been some unfulfilled demand,” Minister for Agriculture Food and the Marine Dara Calleary said.

“The unsecured nature of the funding particularly helps young and new entrant farmers, as well as smaller farmers, but it is a crucial support to all parts of the production chain – farmers, fishers, forestry and food and beverage production.”

For more information you can visit the SBCI website.

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