IFA Farm Business Chairman, Martin Stapleton has welcomed the delivery of the low-cost agri-cashflow loans, due to be available in banks in the coming week.
Martin Stapleton said, “IFA campaigned strongly throughout 2016 for lower cost credit to be made available to the farming sector, particularly where farms were under short-term cashflow pressures.
“The announcement of the low-cost loan fund was met with a hugely positive response from the farming sector. It is my belief that there will be strong demand for these loans, with farmers using the funding available to restructure their financial commitments and to access low-cost working capital.
“Since the announcement of the loans in the October Budget, IFA has kept the pressure on to ensure that loans were made available in early 2017. Farmers make their financial planning decisions at the start of the year, and it was critical that the loans, at a rate of 2.95%, were available as early as possible.
“I am encouraging farmers to look at the overall structure of their short term financing arrangements and to apply for this low cost finance, if appropriate for their farm enterprise needs.”