LFASS update

Rural Economy Secretary confirms first national LFASS loan payments made

Date:

Tue, 03 Apr 2018

Source:

Scottish Government

Payments have started to be made from a loan scheme designed to help farmers and crofters in Scotland. More than 7,000 payments worth over £42.8 million have been processed, with the first reaching bank accounts this morning.

The Scottish Government is giving eligible businesses the opportunity to benefit from the National Less Favoured Areas Support Scheme (LFASS). These loan payments will be automatically deducted from EU payments once LFASS 2017 scheme applications are fully processed. Further loan offers and payment runs will be made in the coming weeks. Rural Economy Secretary Fergus Ewing said:

“These payments are targeted to help some of the most ‘vulnerable’ farmers and crofters to financially plan -  many of whom are work to extremely tight profit margins. Today’s prompt start to loan payments should provide those groups with much-needed financial security.

“The millions being paid from the LFASS loan scheme will enable farmers and crofters to get on with making purchases and investing for the forthcoming summer and Autumn periods. Of course, much of that investment will benefit the wider rural economy as well.   

“I would strongly encourage anyone yet to accept the offer of an LFASS loan to consider doing so."

 

 

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