asked the Minister for Agriculture if he will state, in relation to the recent speech by the Minister for Transport and Power in Laurencetown, County Galway, under what State scheme or authority a farmer can obtain a loan of £500 without guarantee of any kind; if he will give details; and if he will state to whom application should be made for the loan.
Ceisteanna—Questions. Oral Answers. - Loans for Farmers.
48.
The scheme referred to is the unsecured loan scheme operated by the Agricultural Credit Corporation. Under the scheme, farmers may get loans of up to £500 on their own personal covenants, if they apply through and are recommended by a creamery, licensed milk pasteurising firm or the Corporation's Credit Agents. The normal repayment period is five years, and the rate of interest is at present 6 per cent. If the borrower is operating a farm plan drawn up in agreement with the local agricultural advisory officer, collection of principal repayments and interest is deferred for the first three years, the loan being finally liquidated over nine years.
Does the Minister not agree that this scheme should be extended so that a farmer could get a loan through agricultural merchants as well as co-operatives?
What amazes me is that Deputy Flanagan did not know there was such a scheme in existence.
That is not the answer. Is the Minister going to reply to my supplementary question?
(Interruptions.)
As I understand it, you can get this unsecured loan through the good offices of a cooperative society. My suggestion in the supplementary question is that you should be able to get it through the agricultural merchant with whom you deal.
We shall consider that. We shall consider on its merits any reasonable and sensible extension proposed.
You have said you will do it.
We shall consider it.
That means you will not do it.
Can the Minister inform me publicly or privately of any one person in my constituency who has got 500 halfpence, much less £500?
Now that I have drawn the attention of the Deputy to this valuable scheme, I hope he will make sure it is fully availed of in his constituency.
The Government have no money to give out, anyway.