Loans for farmers

Mearns farmers are being urged to take advantage of a discounted loans scheme that is state funded via the European Investment Bank.

The multi-million pound fund is aimed at stimulating investment and creating jobs in small or medium sized businesses, including farming, and offers a discount of 0.65% off the normal lending rates.

The Agricultural Mortgage Corporation has negotiated access to the fund but is warning that farmers must act quickly before the current rates expire.

It urges farmers to contact the local AMC agents for the north and north-east, James Petty, Ian MacLennan and John Rhind at Aberdeen & Northern (Estates), part of the ANM Group at Thainstone, Inverurie.

James Petty said: “This scheme provides an opportunity for farmers, who are considering expanding or investing in improving farm efficiency, to access favourable loan rates at a time when interest rates are already historically low.

“A wide range of projects fall within the scope of the scheme so it is worth considering how it could help strengthen your farm business for the long term.”