Farmers: Loans

Treasury written question – answered at on 13 May 2024.

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Photo of Neil Hudson Neil Hudson Conservative, Penrith and The Border

To ask the Chancellor of the Exchequer, what steps his Department is taking to support agricultural businesses to access finance from banks.

Photo of Bim Afolami Bim Afolami The Economic Secretary to the Treasury

The Government recognises the vital role of agricultural businesses across the UK, and it is important they can access the finance they need.

The government’s Growth Guarantee Scheme supports smaller businesses, including agricultural businesses, to access the finance they need to invest and grow. The scheme extends the support previously offered under the Recovery Loan Scheme and provides a 70% government guarantee on lending to UK small and medium-sized enterprises. The scheme supports a wide range of products provided by different lenders such as loan terms, overdrafts, asset finance, invoice finance and asset-based lending.

The government has also supported farmers to adapt to the agricultural transition by providing them with free business advice. Advisers offered one to one consultations, farm visits and free workshops that helped support farming businesses to improve their financial viability, which will have made it easier for them to access finance.

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