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The hugely popular low-cost loan fund is now fully exhausted in just five weeks.
Last week, both Bank of Ireland and AIB said that they had received applications which would see all of their funds allocated. While AIB closed the fund to new applicants, Bank of Ireland and Ulster Bank are continuing to accept applications on a provisional basis and those applicants will be placed on a waiting list, in the event of any residual funding becoming available.
Eddie Cullen, managing director of Ulster Bank’s commercial banking division, said: “There has been significant demand for the SBCI Agriculture Cashflow Support Loan Scheme and our team of agricultural specialists are helping farmers through the process and talking to them about their financial needs.
Bank of Ireland received the biggest allocation, some €65m, within the €150m fund, while AIB received €60m and Ulster Bank €25m.
The scheme was expected to run until the end of September this year. However, given the huge uptake, due to the attractive interest rate of 2.95% and no requirement for security, the fund is now fully exhausted.
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