Cheaper loans over longer periods to boost farmers’ finances – O’Donovan

“Cheaper loans for farmers and others involved in rural development will boost farmers’ finances, assist with development of farm buildings and provide for further investment in equipment”, says Patrick O’Donovan, Fine Gael TD for Limerick. This funding has been made available as a result of a new memorandum of understanding agreed between the EU and the European Investment Bank this week.

“I very much welcome the news that European Investment Bank (EIB) funds are to be made available to farmers for the first time. Cheaper loans will be available to farmers over longer periods of time as a result of an agreement reached in Europe.

“Access to funds is an ongoing issue for farmers, particularly now as we prepare for the end of the milk quotas and farmers seek to invest. The funds will be available for farmer and co-op investments linked to the Government’s Rural Development Programme and farmers are free to apply for loans to invest in farm performance, processing, marketing and in business start-ups.

“This funding will also be of major benefit to new farmers trying to establish themselves in the sector.

“Farmers have invested extremely well to grow their industry, and I have no doubt that this initiative will allow for further growth in what is one of the most important industries in the country.

“ Irish food and drink exports reached an all-time high of €10.5 billion in 2014. This Government recognises the importance of agriculture in the economic recovery and the need to support our farming community.

“In 2015, €74 million will be invested in the Beef sector, €20 million in the diary sector and €12 million in farm safety, but there are still farmers who could not access cash at a reasonable rate and this announcement from the EIB presents a new opportunity for farmers, and one which will be of huge benefit to many.”