Dáil Éireann Debate, Tuesday - 21 February 2017
563. Deputy John Brassil asked the Minister for Agriculture, Food and the Marine if more concise and clear details can be provided to farmers on the way they can apply for the low cost loan scheme being facilitated by certain banks; and if he will make a statement on the matter. [8658/17]
View answerI was pleased to announce the launch of the "Agriculture Cashflow Support Loan Scheme" on 31 January. One of my priorities has been to address the impact of the change in the sterling exchange rate and lower commodity prices in some sectors, which have caused cash flow difficulties for farmers. The Scheme, which was developed in co-operation with the Strategic Banking Corporation of Ireland (SBCI), makes €150 million available to farmers throughout Ireland at interest rates of 2.95%.
Distributed through AIB, Bank of Ireland and Ulster Bank, the Scheme provides farmers with a low cost, flexible source of working capital and will allow them to pay down more expensive forms of short-term debt, ensuring the ongoing financial sustainability of viable farming enterprises. Loans are for amounts up to €150,000 for up to six years. The loans are flexible with interest only facilities of up to three years. However, normal lending criteria apply and the terms and conditions of each individual loan is agreed between the financial institutions and the applicants according to their individual circumstances. Further details on the application process are available from local branches of the participating banks or from their websites.
