Does your farm qualify for the Department’s new agri-loan Scheme?
Published 16/11/2016 | 12:28
The new Agri Cashflow Support Loan Scheme will make €150m available to farmers at low-cost interest rates of 2.95pc.
This scheme will enable farmers to improve the management of their cashflow and reduce the cost of their short-term borrowings.
The farmer's must satisfy one of the following conditions in order to be eligible for the scheme, by way of self-declaration:
1. Is applying environmental and climate friendly production methods:
- Is participating in an agri-environment schemes as part of Ireland’s current or last Rural Development Programme (i.e. GLAS, BDGP, AEOS, REPS, Organic Farming Scheme or a locally-led EU agri-environmental scheme).
2. Is implementing quality schemes or projects aiming at promoting quality and value added:
- Is a certified member of a Bord Bia Quality Assurance Scheme; or
- Is a certified member of a Quality Assurance Scheme run by a co-operative, processor or producer representative body.
3. Is implementing co-operation projects:
- Is a member of a DAFM-registered Farm Partnership.
4. Is training in financial instruments and risk management tools
- Has successfully completed or am participating in DAFM’s Knowledge Transfer Programme or previous programmes such as BTAP and STAP (and specifically, the financial management elements of those programmes); or
- Has participated in financial training given by Teagasc (including the Cashflow module included in recent farm walks), and can produce a certificate to this effect; or
- Has participated in financial training from another body (e.g. co-operative, processor, farming organisation, producer representative body or other providers of training) relating to the eligible agricultural sectors, and can produce a certificate to this effect.
The scheme will not apply if the farm:
a) is in financial difficulty (excluding short-term cashflow pressures caused by the current market conditions)
b) is bankrupt or being wound up or having its affairs administered by the courts
c) In the last five years has entered into an arrangement with creditors, in the context of being bankrupt or wound-up or having its affairs administered by the courts
d) Convicted of an offense concerning professional conduct by judgement, fraud, corruption, involvement in a criminal organisation, money laundering or any other illegal activity where such illegal activity is detrimental to the European Union’s financial interests