Red-tape tangle for low-cost loans

The much anticipated low-cost loans scheme seems to be dogged by delays and further red-tape.

Hannah Quinn-Mulligan

5 September 2018

The next low-cost loan scheme has been dogged by controversy. / Ramona Farrelly

Farmers are facing increased red tape for the next low-cost loan scheme and must seek pre-clearance from the Strategic Banking Corporation of Ireland (SBCI) before approaching a bank.

The scheme has been dogged by delays since it was announced in Budget 2018 and the latest revelation is likely to frustrate farmers facing mounting bills after a difficult spring and summer period.

Grilling

The news emerged on Tuesday when banking representatives were subjected to a hostile grilling by the Oireachtas Agriculture Committee.

The IFA has called for the immediate rollout of the loan scheme but the SBCI confirmed they are still only at the “early stages” of talks with banks.

Further red-tape as 'pre-clearance' required for low-cost loans

‘No fodder and no funds to pay for fodder’

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