The European Commission and the European Investment Bank (EIB) have launched a loans package of EUR 1 billion that specifically targets young farmers, based on the finding that in 2017, 27 percent of the loan applications submitted to banks by young farmers in the EU were rejected, compared to only 9 percent for other farms, the EC said in a statement, quoted by Business-Review.eu.
The package, announced on Monday by Agriculture commissioner Phil Hogan and EIB vice president Andrew McDowell, aims to increase access to funding for EU farmers, and especially young farmers.
The programe will be managed at Member State level by banks and leasing companies operating across the EU. Participating banks should match the amount committed by the EIB, therefore bringing the total amount to a potential EUR 2 billion, and priority should be given to young farmers.
Read more HERE
