How much can I borrow?
Up to €150,000 over a maximum period of six years.
Do I need to bring land as collateral?
No, the loans are unsecured.
What are the interest rate and repayment conditions?
The annual interest rate is 2.95% for the term of the loan. You can opt for interest-only repayments at the start of the loan.
What can I use the loan for?
The scheme is intended to replace more expensive short-term credit options such as working capital from banks or merchant credit.
Can I use the loan to invest in land, buildings, breeding stock or machinery?
No, the loans are for cashflow support only. Buying back existing loans used to invest on farm is also excluded.
Who can apply?
Any small or medium private enterprise (under 250 employees and €50m turnover) in the primary agricultural sector in the Republic of Ireland. Farmers who are in serious financial difficulty – except normal cashflow pressure caused by current market conditions – such as bankruptcy or administration by the courts cannot apply for the loans. Farms engaged solely in forestry, aquaculture or equine activities are also excluded.
Applicants must also satisfy one of the following criteria:
Participation in an agri-environment scheme under the Rural Development Programme such as GLAS.Participation in a quality assurance scheme.Participation in registered farm partnership.Completion of financial management training under the Knowledge Transfer Programme, Teagasc courses or equivalent previous programmes.Applications for the loans will follow each bank’s own credit policies and procedures.
Where and when do I apply?
AIB, Bank of Ireland and Ulster Bank have so far agreed to distribute the loans. The scheme will run until 30 September 2017 or until the €150m available fund is fully subscribed.
Read more
Creed launches low cost loan scheme for farmers
How much can I borrow?
Up to €150,000 over a maximum period of six years.
Do I need to bring land as collateral?
No, the loans are unsecured.
What are the interest rate and repayment conditions?
The annual interest rate is 2.95% for the term of the loan. You can opt for interest-only repayments at the start of the loan.
What can I use the loan for?
The scheme is intended to replace more expensive short-term credit options such as working capital from banks or merchant credit.
Can I use the loan to invest in land, buildings, breeding stock or machinery?
No, the loans are for cashflow support only. Buying back existing loans used to invest on farm is also excluded.
Who can apply?
Any small or medium private enterprise (under 250 employees and €50m turnover) in the primary agricultural sector in the Republic of Ireland. Farmers who are in serious financial difficulty – except normal cashflow pressure caused by current market conditions – such as bankruptcy or administration by the courts cannot apply for the loans. Farms engaged solely in forestry, aquaculture or equine activities are also excluded.
Applicants must also satisfy one of the following criteria:
Participation in an agri-environment scheme under the Rural Development Programme such as GLAS.Participation in a quality assurance scheme.Participation in registered farm partnership.Completion of financial management training under the Knowledge Transfer Programme, Teagasc courses or equivalent previous programmes.Applications for the loans will follow each bank’s own credit policies and procedures.
Where and when do I apply?
AIB, Bank of Ireland and Ulster Bank have so far agreed to distribute the loans. The scheme will run until 30 September 2017 or until the €150m available fund is fully subscribed.
Read more
Creed launches low cost loan scheme for farmers
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