Low-cost loans will not be available until the end of February.

AIB’s Eamon O’Reilly and John Brady from Bank of Ireland both said it will be a number of weeks before the loans are available.

Interested farmers should be making contact with their bank now as money from this fund is likely to run out fast.

Patrick Cunningham from Amatino shared some top tax saving tips and also suggested the low-cost funding will go fast.

He said: “When €150m is spread over all farmers it will go quickly. These loans don’t need security but it will be on a case-by-case basis in terms of security required and if there is a shortfall the bank may look for additional security. ”

For the low-cost loan the maximum loan is €150,000 for a period of six years at an interest rate of 2.95% and will be available from Bank of Ireland, AIB and Ulster Bank.