Reacting to the launch of the €300m Future Growth Loan Scheme for SMEs and farmers, IFA Farm Business Chairman Martin Stapleton said, “While we welcome this as a product for capital long-term investment, it is disappointing that there is no opportunity to apply for working capital under this scheme”.
He said the number of farmers who will consider this a valuable scheme will be small, but it will be a positive for those who do not have access to security.
The scheme is designed to support long-term capital investment and it will be open to farmers from April 17th. 40% available to the agri-food sector.
For loans up to €250,000, the maximum rate is 4.5%. For larger loans, a rate of 3.5% is available.
The minimum loan value is €50,000, with unsecured loans of up to €500,000 available. These loans are based on a repayment schedule of eight to ten years.