Planned new Government Loan Scheme - Unsecured loans up to €500,000 at less than 5pc interest
- Loans of under €500,000 to be made on an unsecured basis
- Minimum loan amount of €50,000 for primary agriculture
- Less than 5pc interest
- Loans are for terms of 8-10 years
The Government recently announced details of its planned new low cost loan scheme for farmers and SMEs.
The Future Growth Loan Scheme which it hopes will be in operation in early 2019 makes up to €300m of loans available with a term of 8-10 years.
This scheme will be available to eligible Irish businesses and the primary agriculture & seafood sectors to support strategic long-term investment in a post Brexit environment.
Finance provided under the scheme will be competitively priced and have favourable terms, for example no security required for loans up to €500,000.
The scheme is being developed by the Department of Business, Enterprise and Innovation and the Department of Agriculture, Food and the Marine (DAFM) in partnership with the Department of Finance, the Strategic Banking Corporation of Ireland (SBCI) and the European Investment Fund (EIF). It will be delivered through participating finance providers.
Minister for Agriculture Michael Creed said that he envisages a product that would be available at an interest rate of less than 5pc.
Here's what we know so far:
What kind of businesses will be eligible for the scheme?
The scheme will be available to: