£40million Farm Business Improvement Scheme to open on Monday

Northern Ireland has announced the opening of a £40million capital funding scheme designed to help farmers across the country improve their businesses.

The capital element of the Farm Business Improvement Scheme will formally open on Monday 31 October.

The scheme, worth £40million over the first two tranches in its initial phase, represents a significant investment to support the industry’s ambitions.

The capital element of the Farm Business Improvement Scheme is a two-tiered programme which supports on-farm investment projects costing £5,000 and above.

Tier 1 aims to improve the sustainability of farms and Tier 2 aims to drive transformational investment guided by a robust business planning process. The scheme has a particular emphasis on improving farm safety and investing in the farmers of tomorrow.

The Minister for Agriculture Michelle McIlveen said: “Clearly, we have many high quality farm businesses run by very able people within Northern Ireland’s agri-food industry.

“I understand the value of Direct Payments to farms and the stability this income can provide, especially at times of extreme market volatility.

“Northern Ireland is the first part of the United Kingdom to introduce advance payments. This week I was delighted to announce that over 90% of eligible farmers across Northern Ireland have now received advance payments, with more than 21,000 local farm businesses having now received 70% of their 2016 Basic Payment allocation,” Miss McIlveen concluded.