The Minister for Agriculture Michael Creed has launched the Agriculture Cashflow Support Loan Scheme. The scheme was developed in co-operation with the Strategic Banking Corporation of Ireland (SBCI), which has confirmed that AIB, Bank of Ireland and Ulster Bank will distribute the loans, making €150m available to farmers throughout Ireland at low-cost interest rate of 2.95%.
This is supported by €25m being provided by the Department of Agriculture, Food and the Marine, including €11m in EU aid.
The loan scheme forms part of a “three-pillar strategy” in response to income volatility, which the Minister announced as part of Budget 2017. Along with tax measures and farm payments, it will alleviate some of the pressures being caused by the recent market difficulties, which have been compounded by the uncertainty around Brexit.
The SBCI has demonstrated its commitment to the agriculture sector
The Minister thanked the SBCI and the participating financial institutions (AIB, Bank of Ireland and Ulster Bank), which will have the low-cost loans available this week. “The SBCI has demonstrated its commitment to the agriculture sector and has worked with my Department to get this product to the market in a timely manner. I welcome the participation of the main banks, which will ensure nationwide coverage for the scheme. The fact that most farmers will have an existing relationship with the participating banks should facilitate the loan application process.”
Loan features
Loans of up to a maximum of €150,000.Loan term of up to six years.Loans are unsecured.Optional Interest only repayments available at the start of the loan.Interest rate of 2.95% for the term of the loan.Loans can be used for
Working capital requirements.As a more sustainable alternative to short-term credit facilities.As an alternative to merchant credit. Read more
IFA: farmers should apply for low-cost loan if appropriate
Cheap loans scheme: what you need to know
The Minister for Agriculture Michael Creed has launched the Agriculture Cashflow Support Loan Scheme. The scheme was developed in co-operation with the Strategic Banking Corporation of Ireland (SBCI), which has confirmed that AIB, Bank of Ireland and Ulster Bank will distribute the loans, making €150m available to farmers throughout Ireland at low-cost interest rate of 2.95%.
This is supported by €25m being provided by the Department of Agriculture, Food and the Marine, including €11m in EU aid.
The loan scheme forms part of a “three-pillar strategy” in response to income volatility, which the Minister announced as part of Budget 2017. Along with tax measures and farm payments, it will alleviate some of the pressures being caused by the recent market difficulties, which have been compounded by the uncertainty around Brexit.
The SBCI has demonstrated its commitment to the agriculture sector
The Minister thanked the SBCI and the participating financial institutions (AIB, Bank of Ireland and Ulster Bank), which will have the low-cost loans available this week. “The SBCI has demonstrated its commitment to the agriculture sector and has worked with my Department to get this product to the market in a timely manner. I welcome the participation of the main banks, which will ensure nationwide coverage for the scheme. The fact that most farmers will have an existing relationship with the participating banks should facilitate the loan application process.”
Loan features
Loans of up to a maximum of €150,000.Loan term of up to six years.Loans are unsecured.Optional Interest only repayments available at the start of the loan.Interest rate of 2.95% for the term of the loan.Loans can be used for
Working capital requirements.As a more sustainable alternative to short-term credit facilities.As an alternative to merchant credit. Read more
IFA: farmers should apply for low-cost loan if appropriate
Cheap loans scheme: what you need to know
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