Farmers have been given a credit lifeline after the National Farmers’ Union (NFU) successfully lobbied for the sector to be included in the Enterprise Finance Guarantee Scheme.
News that the Department for Business Enterprise and Regulatory Reform has confirmed that farming will now be included in the scheme has been shared with all the major agriculture lenders.
The NFU has said the scheme will give farmers and growers access to secure loans to safeguard businesses and convert existing overdrafts during the economic downturn where access to credit has been tight.
NFU director of policy Martin Haworth said: “We have lobbied vigorously for our members to be given access the £1.3 billion scheme to aid their business conditions during this tough economic time.
“Farmers can contact their banks as normal - we have spoken with all the major agricultural lenders and they are all taking part.”
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