Deferred payments and loans at preferential rates: Bruno Le Maire announces measures for farmers in difficulty

More announcements. As the wrath of the rural world continues, struggling farmers will be able to defer their bank debt payments for a year, reschedule repayments and take advantage of loans at preferential rates, Economy Minister Bruno said on Tuesday. Le Maire following a meeting with representatives of the banking sector.

The minister mentioned “the opportunity for these struggling agricultural businesses to have their debt deferred for one year,” followed by debt restructuring for up to three years. Farms experiencing serious difficulties will also be able to take advantage of loans at preferential rates, “ranging from 0 to 2.5% depending on the farm situation,” he told reporters.

“Immediate and specific answers”

Some banks have already begun offering profitable loans to farmers, not missing the opportunity to talk about these commercial initiatives on the sidelines of the Agricultural Exhibition. Mr Le Maire said he wanted to “provide immediate solutions to the agricultural businesses that are experiencing the most difficulties, those that really need cash flow and that are now calling for help, and that need immediate and effective concrete responses.”

Special consultants in each department “will review the cash flow situation of each agricultural operation (…) in the coming hours,” he said. French Banking Federation (FBF) President Nicolas Namias promised “the most personalized dialogue with our farmer clients.” “All of our agricultural consultants are available today and are in dialogue with our farmer clients,” he insisted.

Bruno Le Maire also noted that the state guarantee of loans to farmers worth 2 billion euros will come into effect in May, and not in June, as originally planned. “The challenge is to limit the guarantees requested from our farmer clients and to mobilize other types of guarantees provided, in particular, by government agencies,” commented Nicholas Namias.