The Government is currently working on legislation to open up second tranches of both the Future Growth Loan Scheme and Microfinance Ireland’s COVID-19 Business Loan.

The additional funding is expected in the coming weeks and farmers should keep an eye out for both schemes if they are considering investing in any projects.

Future Growth Loan Scheme

  • Minimum draw-down of €25,000 up to €3m per applicant.
  • The loans have an initial maximum loan interest rate of 4.5% for loans less than €250,000.
  • The loans are for terms of eight to 10 years and unsecured up to €500,000.
  • Pre-clearance required by Strategic Banking Corporation of Ireland.

    • Microfinance Ireland’s COVID-19 Business Loan

  • Any business, including farming and agricultural contracting (Sole Trader, Partnership or Limited Company) with less than 10 full-time employees and an annual turnover of up to €2m.
  • Not in a position to borrow from banks and other commercial lending providers.
  • 15% of actual or projected turnover or profit is negatively impacted by COVID-19.
  • Loan values range from €5,000 to €50,000.
  • The loan term is variable, typically three years but can extend to five.
  • Payments are fixed and the following repayment breaks apply – 0% interest and zero repayments for the first six months.
  • Interest rate – the APR is 5.5%. However, if you apply through Microfinance Ireland application partners ie local area partnerships or LEADER partnerships a lower rate of 4.5% APR applies.

    • The IFA's farm business chair Rosemary McDonagh has urged the Government to get the relevant legislation passed as quickly as possible, as many farm businesses have been under pressure due to COVID-19.

    Read more

    Low-cost loans from €25,000

    Young farmer left in loan limbo

    Low-cost loan boost for farmers