new loan for young farmers

duffysfarm

i see on the farm Ireland website that they have announced a new loan for young farmers - will be interesting to see what they define as a "young farmer"

https://www.independent.ie/business/farming/news/thousands-of-young-irish-farmers-can-benefit-from-new-1bn-eu-cheap-loan-fund-hogan-38058401.html

Hard Knocks

duffysfarm wrote: »

i see on the farm Ireland website that they have announced a new loan for young farmers - will be interesting to see what they define as a "young farmer"

https://www.independent.ie/business/farming/news/thousands-of-young-irish-farmers-can-benefit-from-new-1bn-eu-cheap-loan-fund-hogan-38058401.html

Is the minimum amount still 50k?

farmer2018

This is not good as its only encouraging young farmers to get into debt..

maidhc

farmer2018 wrote: »

This is not good as its only encouraging young farmers to get into debt..

I think that it all unravels when farmers are encouraged to act like "farmers" rather than businessmen. They borrow to "milk more cows" than "make more money". There is nothing wrong with debt if it is being used to enhance the business and increase profitability in the medium/long term.

farmer2018

maidhc wrote: »

I think that it all unravels when farmers are encouraged to act like "farmers" rather than businessmen. They borrow to "milk more cows" than "make more money". There is nothing wrong with debt if it is being used to enhance the business and increase profitability in the medium/long term.

Yes I agree 100% with you but if it is not spent wisely and only where necessary there will be big trouble. The other side of it is being able to pay the debt back, is it viable in the first place.

20silkcut

The so called forgotten farmers(40-45) , of which I am one, will probably be locked out of this again.

Hard Knocks

20silkcut wrote: »

The so called forgotten farmers(40-45) , of which I am one, will probably be locked out of this again.

Thinking the same & I’m still u40
Wonder what I did in a previous life to always have bad timing in this one

davidk1394

Is it actually open or all talk ?

Mad_maxx

Can it be used to buy land?

Serious question, I understand some past loan schemes were not available for land

Base price

20silkcut wrote: »

The so called forgotten farmers(40-45) , of which I am one, will probably be locked out of this again.

According to the link it is for farmers under 41 years of age - https://www.agriland.ie/farming-news/multi-million-euro-eu-loans-package-could-open-as-early-as-next-month/

ozil10

Did it say anything about the interest rates offered??

tractorporn

Base price wrote: »

According to the link it is for farmers under 41 years of age - https://www.agriland.ie/farming-news/multi-million-euro-eu-loans-package-could-open-as-early-as-next-month/

From the article

Irish banks would need to come to us to say ‘we want to participate in this programme’ and then they would get the money from us.

“We’d give them a loan that is going to have a very competitive pricing, so that they can pass on this benefit of pricing to the farmers

So no guarantee that any Irish banks will take up the offer of the loans and secondly I wouldn't be holding my breath for our great bankers to pass on the benefit to us!

Glad to see that there is no lower limit cos if the rate is good I am going to try and get out a small amount to pay the stamp duty from the farm transfer.

20silkcut

Base price wrote: »

According to the link it is for farmers under 41 years of age - https://www.agriland.ie/farming-news/multi-million-euro-eu-loans-package-could-open-as-early-as-next-month/

I have 6 months to spare.