We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Eamonn Farrell/Photocall Ireland

Growth sector: AIB unveils €500m farm fund

Growth predicted for dairy sector in particular once quotas are removed.

AIB WILL LOAN €500 million into the farming sector, the bank announced today.

It will also double the size of its agri advisor team to 12.

The bank said that the new fund, which is supported by funding from the European Investment Bank, will provide loans for capital expenditure, working capital and asset finance.

Farmers will also be able to refinance from banks that are exiting the Irish market, switching their loans to AIB.

Minister for Agriculture Simon Coveney welcomed the news: “This funding comes at a crucial time, as farmers make the investments needed to fuel the smart, green growth envisaged in Food Harvest 2020.”

The state-supported bank said that the removal of milk quotas from next year on heralds a major expansion opportunity for the dairy sector.

AIB director of personal, business and corporate banking Bernard Byrne said that the new cash would allow the sector to realise its potential over the coming years.

The investment decisions being made now by farmers are crucial and will have a long term impact on their future. AIB is determined to support the sector by providing both the finance finance required and the specialist knowledge to help farmers grow.

Coveney to dairy farmers: You’re (still) producing too much milk>

Over €12.5 billion committed to agriculture over the next seven years>

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.