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Minister Creed welcomes announcement of €1bn package aimed at increasing access to funding for EU farmers, especially young farmers

The Minister for Agriculture, Food and the Marine, Michael Creed T.D., today welcomed the €1 billion package announced today by Commissioner for Agriculture and Rural Development Phil Hogan and EIB Vice-President Andrew McDowell, aimed at increasing access to funding for EU farmers, especially young farmers.

 

Minister Creed said, “One of my priorities is to improve access to finance for the agri-food sector. I look forward to working with the Commission and the EIB to ensure that Irish farmers have access to appropriate financial products to enable them to sustain and develop their individual enterprises. This will contribute to the overall development of the agri food sector which is a hugely valuable part of the Irish economy and particularly important for our rural and coastal communities”.

 

Minister Creed continued, “Supporting young farmers and generational renewal continues to be a priority and will form an important part of the CAP post-2020”.

 

Pending delivery  of any new products for farmers, Minister Creed highlighted the Future Growth Loan Scheme, which he launched with Government colleagues recently. Developed by his Department and the Department of Business, Enterprise and Innovation 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 and make up to €300 million of investment loans available to eligible Irish businesses, including farmers and the agri-food & seafood sectors.

 

Minister Creed stated, “As I said at its launch, this is a long-awaited source of finance for young and new entrant farmers, especially the cohort who do not have high levels of security.  It will also serve smaller-scale farmers, who often do not have the leverage to negotiate for more favourable terms with their banking institution. This type of long-term unsecured finance of 8 to 10 years is not currently available on the Irish market. Although the minimum loan amount for the Scheme is €100,000, I sought and agreed a minimum of €50,000 specifically for farmers”.

 

The Scheme has opened for loan eligibility applications through the SBCI. Further information including a FAQ document may be accessed on the Department’s website at: https://www.agriculture.gov.ie/agri-foodindustry/agri-foodandtheeconomy/agri-foodbusiness/futuregrowthloanscheme/, and the SBCI website at: https://sbci.gov.ie/schemes/future-growth-loan-scheme

 

 

Note for Editors: The announcement by the European Commission and the European Investment Bank (EIB) is at http://europa.eu/rapid/press-release_IP-19-2294_en.htm.

 Minister Creed welcomes announcement of €1bn package aimed at increasing access to funding for EU farmers, especially young farmers

 

ENDS

Date Released: 29 April 2019