Dáil Éireann Debate, Tuesday - 14 May 2024
486. Deputy Paul Kehoe asked the Minister for Agriculture, Food and the Marine the financial assistance or lending assistance available to a landowner/farmer for a stocking loan, who has been refused financial lending from high-street banks; and if he will make a statement on the matter. [21669/24]
View answerWhile banking is primarily the responsibility of the Minister for Finance, I regularly engage with the banks on the financing needs of the agri-food sector. However, my Department cannot intervene in individual cases. If an applicant is dissatisfied with a loan decision, in the first instance they should submit an appeal through the bank's internal appeals process. If, after a determination is made, they remain dissatisfied, the case may be referred to the Credit Review Office for adjudication.The Credit Review Office (www.creditreview.ie) was established by the Minister for Finance to ensure the flow of credit to viable Irish businesses, providing a simple and effective credit review and appeals process for business owners who had been refused credit from participating banks. My Department does facilitate targeted financial support to the sector via state-backed guaranteed loan schemes, which are delivered via the Strategic Banking Corporation of Ireland (SBCI). Currently the Ukraine Credit Guarantee Scheme may be suitable for stocking requirements. The UCGS provides low-cost working capital and medium-term investment to SMEs (including farmers), impacted by economic challenges arising from the Ukraine conflict. These include supply chain disruptions and increased input (including energy) costs. Eligibility applications can be submitted on www.sbci.gov.ie. However, it should be noted that eligible loan applicants must still meet existing bank lending criteria in line with Central Bank rules.In addition, Microfinance Ireland (MFI) provide small business loans through the Government's Microenterprise Loan Fund. Loans of between €2,000 and €25,000 are available unsecured to both Start-ups and Established businesses (including farmers) experiencing difficulty in accessing funding. MFI can also consider applications from businesses that may have been declined a loan from their bank. Further details are available on the MFI website www.microfinanceireland.ie.
