Billy Kelleher (Cork North Central, Fianna Fail)
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469. To ask the Minister for Agriculture, Food and the Marine the 2019 allocation for the future growth loan scheme in view of the fact that the explanatory memo to the European Investment Fund Agreement Bill 2018 indicates the cost will be €62 million over a five year period. [48902/18]

Michael Creed (Cork North West, Fine Gael)
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The Future Growth Loan Scheme is being developed by my Department and the Department of Business, Enterprise and Innovation in partnership with the Department of Finance, the Strategic Banking Corporation of Ireland (SBCI) and the European Investment Fund (EIF). It will be delivered through participating finance providers and make up to €300 million of long-term investment loans available to eligible Irish businesses, including the primary agriculture, agri-food & seafood sectors. The loans will be competitively priced and will be for terms of 8-10 years.

The fund is leveraged by Exchequer funding of €62 million, of which 40% or some €25 million will be provided by my Department. My Department’s contribution will be paid in 2018 with no provision for 2019.

The Scheme is expected to launch in early 2019.