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Loans offered to Scots farmers grappling with Covid-19 crisis

News17 Jul 2020Ewan Pate

Scottish Government is once again to offer loans scheme to farmers and crofters ahead of them receiving 2020 Basic Payment Scheme (BPS) funding.

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Loans offered to Scots farmers grappling with Covid-19 crisis

The loan scheme has been announced earlier than usual so show extra support during the coronavirus crisis.

 

The loan scheme will make up to £340m available up to three months ahead of the normal BPS schedule and is designed to maintain cash flow in the rural economy.

 

Scotland’s Cabinet Secretary for the Rural Economy Fergus Ewing said: “As the end of the Brexit transition period approaches at the end of this year, farmers will only be feeling additional anxiety, so it is essential that they have the cash flow they need to continue operating.

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“While we had considered using the Advanced Payment option to process CAP basic payments earlier than in previous years, Covid-19 made us reconsider whether this could deliver as much support as quickly as a loan scheme.

 

“Our absolute priority is ensuring farmers and crofters receive their payments as we move towards a full exit from the EU, so we have decided to offer a further loan scheme so that farmers can access this support at the earliest ever point."

 

Maximum

 

The loan scheme will give farmers and crofters access of up to 95 percent of their 2020 CAP BPS and greening payment, restricted to the scheme maximum of £133,638.

 

Loan offer letters will be sent to eligible farmers and crofters from the beginning of August, with the first payments due in September.

BusinessCoronavirusFundingPoliticsScotland
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