Farm businesses set to benefit from Government-backed loans amid Covid-19

The Government-backed loan scheme, which is delivered through British Bank accredited lenders, is designed to help tackle cashflow issues experienced by SMEs during the Covid-19 outbreak.

This will see lenders offer credit facilities of up to £5 million to food and farming businesses across the country for up to 6 years, with the Government set to pay interest for borrowers over the first 12 months.

With the funds providing a ‘much-needed’ boost to income for inputs, machinery and livestock due to lost or deferred revenue streams, AFP chief operating officer Steve Shore said: “We are delighted to be able to bring this important service to agriculture…during these unprecedented times.