The Strategic Banking Corporation of Ireland (SCBI) has confirmed plans for a €330m loan scheme, which will open to farmers in the second half of 2021.

The plans came to light in response to questions from Sinn Féin’s spokesperson on agriculture Matt Carthy at a recent committee of public accounts debate and have since been confirmed by an SBCI spokesperson to the Irish Farmers Journal.

Guarantee fund

SCBI interim CEO Ian Black told the meeting that the scheme will be derived from the European guarantee fund.

Black went on to update the committee on the widely popular €150m agricultural cashflow support loan, previously offered by SCBI.

“I believe €145m was drawn down, with 4,240 loans made available. The current outstanding balance is in the region of €35m.

“One of the attractions of that scheme was the interest rate of 2.95%. That is why it was so oversubscribed. We are constantly looking at our existing schemes and looking for new schemes.”