Bank of Ireland confirms its budget for 'low-cost' agri loans 'fully utilised'
Bank of Ireland has confirmed that it has now fully utilised its funding allocation under Agriculture Cashflow Support Loan Scheme
Bank of Ireland launched the SBCI Agriculture Cashflow Support Loan scheme on February 3, 2017 with the Bank providing up to €65 million to eligible farmers.
In a statement the bank said there has been significant demand for the loans and based on its assessment of all the applications received to date, the €65 million available to Bank of Ireland is likely to be fully utilised.
John Fitzgerald, Head of Agriculture, Bank of Ireland confirmed; “From today, Thursday, March 2, all applications for loans under the Scheme can now only be accepted on a provisional basis, contingent on any residual availability within the Scheme which may emerge over the next number of weeks.
"Bank of Ireland continues to encourage all our customers and farmers to discuss their funding requirements. If and when residual funding availability within the Scheme is confirmed, provisional applications will then be processed on a ‘first come first served’ basis.”
The Strategic Banking Corporation of Ireland (SBCI) has warned farmers that they will not be in a position to facilite cheap finance to farmers if they apply after its €150m fund has been expended.
The SBCI launched this scheme last month to allow farmers and agri-business SMEs to borrow up to €150,000 at a special low rate of 2.95% to address the difficult market conditions that they have faced recently.
These loans are available through AIB, Bank of Ireland and Ulster Bank.