Affected Roscommon farmers urged to consider Brexit Impact Loan Scheme

The Chairperson of the Irish Creamery Milk Suppliers Association’s Farm Business Committee has urged Roscommon farmers to apply for the Brexit Impact Loan Scheme amid rising costs this year.

  Shane O’Loughlin has said that with a current interest rate of less than three per cent, the cost of finance is highly competitive.

  “The scheme terms and conditions state that the funding can be used for the working capital or farm investment. The terms available vary between one and six years with unsecured loans up to €500,000 available and up to €1.5 million secured,” he said.

  “In addition, the scheme allows the refinancing of existing debt subject to that being a maximum of 30 per cent of the new loan amount. Given the interest rates currently available to farmers and the cripplingly high cost of inputs at the start of 2022, low cost finance is essential for farmers and with a rate of less than 3 per cent, the Brexit Impact Loan scheme is an attractive option.

  “ICMSA thinks farmers should consider it if they require finance and the re-financing element is also attractive as a cost saving measure,” Mr. O’Loughlin concluded.