Agri-loan fund is stuck in the traps
NOT a cent has been drawn down from an agri-loan package that was approved by the Government last October in their Budget 2018 package, according to the IFA.
Now it seems likely that money from this low interest loan fund won’t be coming on stream until the end of this year – probably because of administrative delays.
IFA President, Joe Healy, described the agri-loan situation as a ‘complete farce’ after hearing last week that it ‘would be a race against time’ to have the money available before the end of this year.
Galway IFA Farm Business Representative, Rose Mary McDonagh, told the Farming Tribune it was extremely disappointing that not a cent of this money had come on stream at a time when farmers were going through such a tough year.
“We’ve had a wet Winter, a harsh Spring and now a drought during the Summer. Farmers really do need the availability of such loans to help see them through. We want this money freed up immediately,” said Rose Mary McDonagh.
She said that Government ‘feeder’ capital of €25 million should have freed up in the region of €150 million for loans to farmers but now it had emerged that this money would also be made available to all SMEs (small and medium sized businesses).
“If this happens, the percentage of the funds available for loans to farmers could be quite small. We need a targeted low interest loan package for farmers and the agri-sector: that was our clear understanding from Budget ’18,” said Rose Mary McDonagh.
For more, read this week’s Connacht Tribune.
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