Catherine Murphy (Kildare North, Social Democrats)
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540. To ask the Minister for Agriculture, Food and the Marine the status of the agriculture cashflow support loan scheme; when the scheme will be fully commenced; and if he will make a statement on the matter. [2895/17]

Michael Creed (Cork North West, Fine Gael)
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One of my priorities has been to address the impact on farmers of the sustained period of lower commodity prices, which has caused cash flow difficulties for farmers in several sectors. The “Agriculture Cashflow Support Loan Scheme” was developed by my Department in co-operation with the Strategic Banking Corporation of Ireland (SBCI). It will provide farmers with a low cost, flexible source of working capital and will allow them to pay down more expensive forms of short-term debt, ensuring the ongoing financial sustainability of viable farming enterprises.

This innovative loan Scheme will make €150 million available to farmers throughout Ireland at low-cost interest rates of 2.95%. This is supported by €25 million being provided by my Department, including €11 million in EU exceptional adjustment aid. The SBCI is aiming to bring the loans to market by the end of January and I hope to make an announcement in this regard shortly.