Dáil Éireann Debate, Wednesday - 3 June 2020
765. Deputy Jackie Cahill asked the Minister for Agriculture, Food and the Marine if a farmer who has been accepted for the future growth loans scheme and has the relevant code that expires on 6 June 2020 can draw down the loan before that date; if not, if the code date will be extended; and if he will make a statement on the matter. [8663/20]
View answerThe Future Growth Loan Scheme, co-financed by my Department, was launched in March 2019 and made €300m of investment loans available to eligible Irish businesses. Loans are competitively priced, for terms of 8-10 years, and support strategic long-term investment.
The Scheme has been in high demand with some of the lenders at capacity. However, because of the high demand, and recognising the significant and sudden financial impact of the COVID-19 pandemic on businesses, the Government has announced that a second tranche, with up to 40% available to the agri-food sector, will be made available. Details of this second tranche will be announced shortly.
Eligibility codes, issued from the Strategic Banking Corporation of Ireland, remain valid for six month from the date of issue. The applicant must provide the eligibility confirmation letter and code to the bank when applying for a loan. Approval of loans is subject to the bank's own credit policies and procedures. It is possible to renew an eligibility code by repeating the process of downloading, completing and signing an application form. This is a quick process and it ensures that any changed circumstances are taken into consideration.
