Farmers in for 10% of Credit Guarantee loans

Biggest ever state-backed loan guarantee in Ireland offers €2bn of credit
Farmers in for 10% of Credit Guarantee loans

So far, farmers have applied for 10% of the value of loans in the €2bn Covid-19 Credit Guarantee Scheme. 

Farmers took up 10% of the loans in the first month of the Covid-19 Credit Guarantee Scheme. The biggest ever state-backed loan guarantee in Ireland, it offers €2bn of credit to businesses negatively impacted by the pandemic.

Loans between €10,000 and €1m, for terms between three months and five and a half years, including working capital and term loans, with loans of up to €250,000 unsecured, are available.

Up to October 9, 900 business applications were recommended to the credit departments of the pillar banks for final approval to a total value of almost €48m. Of these, 400 applications were approved by October 9, for over €21m.

The wholesale and retail sector accounted for 22% of loans drawn by value, the accommodation and food services sector accounted for 14%, and the primary agricultural sector for 10%.

The scheme is currently available through AIB, Bank of Ireland and Ulster Bank. More lenders are expected to join the scheme in the coming weeks.

More in this section

Farming
Newsletter

Keep up-to-date with all the latest developments in Farming with our weekly newsletter

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up