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Some €200m additional funding has been provided for the Future Growth Loan Scheme (FGLS).
The loan portion of the existing scheme designated for farmers had been exhausted, with dairy farmers leading the charge with loan applications.
The fresh funding will be released in tranches and it is not yet known how much each bank will have access too.
The Department of Business said the additional funding was for COVID-19 impacted businesses and the Strategic Banking Corporation of Ireland has confirmed that farmers will have the same access to the scheme.
“Loan terms range from eight to 10 years and loans of up to €500,000 can be unsecured. Interest-only repayments may be available at the start of the loans. The maximum interest rate will be 4.5%,” the Department said.
The Minister of Agriculture also welcomed the news.
"The expansion of the Future Growth Loan Scheme long-term investment support for primary producers and food businesses, which is also co-funded by my Department, is also welcome," the minister said.
"I continue to liaise with the banks on liquidity for the primary sector and also want to highlight the availability of working capital assistance to farmers and fishers through Microfinance Ireland’s COVID-19 Business Loan."
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