Ulster Bank has exhausted its funding allocation under the SBCI Agriculture Cashflow Support Loan Scheme.

The Strategic Banking Corporation of Ireland funded the scheme in January 2017 through AIB, Bank of Ireland and Ulster Bank, making €150 million available to farmers at a low-cost interest rate of 2.95%. The loan scheme was announced in Budget 2017 and aims to support farmers experiencing short-term financial pressure due to price and income volatility.

From March 7, new applications for loans under the scheme at Ulster Bank are being provisionally accepted and will be placed on a waiting list, in the event of any residual funding becoming available.

Eddie Cullen, managing director of Ulster Bank’s Commercial Banking Division, said: “There has been significant demand from our customers for these loans.”

LOAN FEATURES

• Loans of up to a maximum of €150,000
• Loan term of up to 6 years
• Loans are unsecured
• Optional interest-only repayments provided at the start of the loan
• Interest rate of 2.95% for the term of the loan.

Photo: Nick Ashmore (left) and Eddie Cullen