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McConalogue meets Ulster Bank CEO on market exit
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Close Brothers to offer €30m in SME loans
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The IFA has called for additional funding to be made available under the Future Growth Loan Scheme (FGLS), as €160m has been drawn down by farmers to date.
Lenders have reported that the agri sector has used up almost all of its allocation under the scheme.
A maximum of 40% or €200m of the low-cost loan fund was ring-fenced for the agricultural sector.
The competitively-priced loans under the FGLS proved popular with farmers because it allowed for unsecured lending up to €500,000, according to the IFA national farm business chair Rose Mary McDonagh.
“The quick drawdown by farmers highlights the strong demand. The funding has fuelled significant long-term and strategic investment on farms across the country, she said.
Lending to businesses grew in November for the first time since the pandemic started, according to new data from the Central Bank.
The volume of new loans non-financial companies crept into positive territory following a sharp bounce in economic growth in the third quarter, with large loans accounting for the bulk of lending.
However, interest rates charged to Irish businesses were still more than two times higher than the eurozone average, highlighting the challenges companies face in 2021 to recover from the coronavirus recession.
Total new loan agreements by businesses in Ireland were €1.2bn in November, an increase of 7pc in annual terms. It was a significant improvement on October, when credit contracted by 31pc compared to the same month in 2019.
Tánaiste welcomes Credit Union participation in COVID-19 Credit Guarantee Scheme
more options for Irish SMEs and primary producers
The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD today (Thursday 14 January) announced the participation of Metamo Credit Unions and three non-bank lenders: Linked Finance, CapitalFlow and Finance Ireland, in the governmentâs â¬2 billion COVID-19 Credit Guarantee Scheme.
The Credit Guarantee Scheme is the biggest ever state-backed loan guarantee in Ireland. The Scheme offers an 80% Government guarantee to participating lenders to provide Irish businesses, including those in the farming and fishing sectors, with access to low interest loans as they respond to the impacts of COVID-19.
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