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European Commissioner for Agriculture Phil Hogan will announce the details of a large loan fund to help young farmers access finance across the EU on Monday, he told the Irish Farmers Journal on Saturday.
"I can confirm that there will be a substantial loan package available to young farmers around the European Union for investment on their farms, which will be announced on Monday," Commissioner Hogan said after the launch of the Teagasc/Microsoft Airband broadband pilot scheme in Ballyhaise college, Co Cavan.
"We’ll have a substantial fund available, specifically for young farmers, that will be over a longer period of time – 15-year loans, at much lower interest rates than is available in the market," he added.
As previously revealed by the Irish Farmers Journal, the European Commission has been working with the European Investment Bank to develop subsidised loans dedicated to young farmers.
Young farmers' organisations around Europe including Macra na Feirme have repeatedly raised access to finance as a major issue for their members.
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