Over a quarter of loans under the Ukraine Credit Guarantee Scheme (UCGS) have been approved to applicants in the agricultural sector.

Under the low-interest loan scheme, 539 loans, accounting for 26% of the total number of loans, have been approved in agriculture, forestry and fishing.

This represents 15% of the total value, €29m, approved under the scheme as of November 2023.

The scheme provides low-interest finance to farmers and businesses with less than 499 employees that have been impacted by the war in Ukraine.

Farmers are eligible to draw down loans under the credit scheme, but must show their costs have increased by at least 10% since 2020.

The scheme will remain open for applicants until the end of this year.

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