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Brexit loans for farmers

Wednesday, 11th October, 2017 4:57pm

It was revealed that the Department of Agriculture, Food and the Marine will get a €64 million boost, bringing its overall funding to €1.5 billion.
Cork's agriculture minister, Michael Creed, announced a package of Budget measures which, he said, are designed to help farmers, fishermen and food SMEs navigate the challenges arising from Brexit.

A Brexit package of €50 million was announced by Minister Creed.

It has been confirmed also that a €300 million Brexit loan scheme will be introduced in 2018.

The Department of Agriculture, Food and the Marine share of funding ensures that at least 40 per cent of the fund will be available to food businesses. A further €25 million will be put in place for a Brexit response loan scheme for farmers, fishermen; and food businesses next year.

Minister Creed announced the following:

• €5 m for investment in public sector research equipment and facilities for the prepared consumer foods sector;

• €4.5 m to support Bord Bia promotion and development work to address the challenges posed by the impact of the UK's exit from the EU;

• €5 m euro to provide grant aid for capital investment for food and drinks companies to help them improve efficiency, productivity and competitiveness;

• €2 m to provide for the development of a national Food Innovation Hub.

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