Businesses in the agriculture, forestry and fishing sectors have received €3,252,368 in loans over a decade period.

Responding to a parliamentary question from Albert Dolan on Wednesday, Minister for Enterprise Peter Burke revealed that there were 182 microfinance loans paid to farmers between 2013 and 2023.

Minister Burke said that MFI fills a lending gap in the market by lending to farms that cannot obtain loans from other commercial lenders.

“In September 2024, MFI increased the permitted loan limit from €25,000 to €50,000,” he said.

“The loan term is typically three years for working capital purposes and can be extended to five years for capital expenditures. Interest rates range from between 5.5% for clients of local enterprise offices and other partners, to 6.5% for direct applications.”

Loans

MFI assists businesses with fewer than 10 employees by providing funding to help them meet payments for stock, working capital requirements and other overhead expenses through the provision of low-cost loans.

The number of loan approvals spiked in 2020 after 41 loans were granted, 12 more than the next busiest year, at a combined total of €950,600.

Wexford saw the most approved loans at 18, with a value of €368,500. This was followed by Donegal at 16 (€324,600), and 15 in Cork (€290,550) and Mayo (€241,300).

On the other side, only one Longford-based loan was approved over the 10 years to the value of €14,000.

Sectors

On the tillage front, there were two loans at a combined €32,000 for the growing of cereals, leguminous crops and oil seeds; 13 loans (€171,074) for growing vegetables and melons, roots and tubers; six loans (€87,550) for plant propagation; and five loans (€122,500) for supporting activities for crop production.

In cattle, there were 34 loans (€642,749) for raising of dairy cows and 28 loans (€455,900) for raising of other cattle and buffaloes.

Meanwhile, there were six loans (€111,100) for raising sheep and goats; a single €15,000 loan for raising pigs; 12 loans (€197,499) for raising poultry; and three loans (€55,000) for raising other animals.

Mixed farms received 21 loans (€344,000) and the support of activities for animal production got €214,999 over 14 loans.

In forestry, there were three loans granted for silviculture and other forestry activities (€89,000); six loans for logging (€114,498); and five further loans for supporting services to forestry (€79,000).