Written answer
Public Expenditure Policy
2492. Deputy Aindrias Moynihan asked the Minister for Agriculture, Food and the Marine when finance (details supplied) for the agriculture, forestry and fishing sector will reopen for applications for the finance products they provide; and if he will make a statement on the matter. [55189/26]
Comment on this
Access to finance is vital in helping businesses to invest, grow and to deal with economic challenges. It is one of my priorities to ensure access to long-term investment finance for farmers, including young farmers.
My Department works closely with the Department of Enterprise, Tourism and Employment, the Department of Finance and the Strategic Banking Corporation of Ireland (SBCI) and with the European Investment Bank (EIB) to provide access to finance supports for small and medium businesses (SMEs) in Ireland, including farmers, fishers, foresters and food businesses.
The €500m Growth and Sustainability Loan Scheme (GSLS), launched in September 2023, is a long-term low-cost scheme that enables Irish SMEs invest in the growth and resilience of their business and contribute to climate action and environmental sustainability.
The GSLS offers loans from €25,000 up to €3m for terms of between 7 and 10 years. Loans up to €500,000 are available unsecured, with interest and capital moratoria of up to 90 days permitted. Agri-food businesses account for €112m (23%) of the total €500m uptake under the GSLS to date, accounting for 35% of the number of loans.
An expansion of the GSLS is proposed and work is underway to deliver it later this year, subject to the necessary budgetary and Government approvals. This will ensure continued access to competitively priced finance for SMEs, sustain momentum in green and growth-oriented investment in the agri-food sector, and reinforce Ireland’s commitment to economic resilience and sustainable enterprise development.
This engagement with the SBCI and the EIB on financing for the agriculture sector is in addition to my ongoing contact with the main banks in Ireland, ensuring the necessary access to finance for the sector.