This fund provides loans of up to £50,000 to new entrants and tenant farmers in Cornwall and the Isles of Scilly who need additional finance to start and develop their land based businesses.
Most reasonable costs associated with the new business or project other than land purchase will be considered for support.
- Annual interest of 7.5% fixed
- Typical APR 7.76%
- Flexible repayment period up to 84 months
- Capital repayment holidays considered
- Early repayments accepted without penalty
- Successful applicants will need to show potential viability and be unable to raise sufficient funding from traditional sources in order to proceed
This fund forms part of the suite of activity supported by the Department for the Environment and Rural Affairs (DEFRA) and the European Agricultural Guidance and Guarantee Fund (EAGGF) as part of the 2000 to 2008 Objective One Programme. It formed part of the overall Fresh Start Initiative and whilst the initiative itself has ceased, the loan fund forms part of its lasting legacy.
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