THE “ICO-HORTICULTURE 2011” PROGRAM IS EQUIPPED WITH 40 MILLION EUROS.

The Ministry of the Environment and Rural and Marine Environment, MARM, and the Official Credit Institute, ICO, have signed a collaboration agreement for the implementation of the “ICO – Horticulture 2011” financing line with which any farm owner in the horticultural sector can access working capital loans with a maximum interest rate of 3,5 percent and no commission for the client.

To this line of financing, which will be equipped with 40 million euros, Therefore, the owners of agricultural holdings that belong to the horticultural sector will be able to access, acquiring cooperative societies the business consideration of SMEs, and agricultural entrepreneurs who act individually, microenterprises-SMEs.

The loans granted will have a maximum amount per client of 200.000 EUR, in one or more operations. Its duration will be 3 years, The installments will mature semiannually and there will be the possibility of a one-year principal grace period.. The loans will be processed in the offices of the Financial Entities participating in the “ICO – Horticulture 2011” financing line..

With this initiative, the MARM aims to promote a support measure for farmers affected by the decline in demand for horticultural products., as a consequence of the E.Coli crisis, in order to alleviate the decrease in sales and prices received by producers, facilitating access to working capital to meet farm expenses.