Farmers will be able to avail of loans with an interest rate of around 3pcCheap finance will be made available to farmers under the Covid-19 Credit Guarantee Scheme which was launched today. While exact details on the interest rates available under the package have not been outlined, it is understood that that they could be as low as 3.0-3.5pc. This is 5-7pc lower than the current bank overdraft or short-term loan rates, which are at 9-10pc and 7-8pc respectively. While farmers will have to show that their business has been adversely affected by Covid-19, banking sources have indicated that this should not be a very hurdle to jump. “ICMSA has consistently highlighted the high interest rates being paid by Irish farmers relative to their EU counterparts.

Source: Irish Independent September 07, 2020 13:52 UTC