Banks urged to give flexible loans to agri-food sector

Agriculture Minister Michael Creed will urge commercial banks to reduce interest rates and provide more flexible terms to farmers for cash-flow loans, when he meets bank chief executives to discuss access to finance in the agri-food sector.

He said the very positive reaction by farmers to the Agri Cashflow Support Loan Scheme he announced in Budget 2017 has proved that significant demand exists for low-cost flexible finance.

The scheme made €150m available to farmers at an interest rate of 2.95%.