Phil Hogan hails low-interest loan scheme

EU Agriculture Commissioner Phil Hogan has welcomed the Government’s uptake of a new European Investment Bank scheme of low- interest loans for farmers.

Details of the special 12-15 year loans have yet to be announced, but interest rates are expected to be around 3%.

Mr Hogan said, “Once the Government modifies its rural development programme, it will be able to provide low-interest loans over a longer period, which will help to establish more of a fixed cost in terms of the cost of money for investments it makes in capital or otherwise. That is a very exciting opportunity for agribusiness and LEADER companies if they wish to participate.”