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27 September 2016 | Online since 2003
Briefing Media - FG Classified


22 September 2016 10:53:11 |Finance,Government,News

Northern Ireland announces details of capital element of Farm Business Improvement Scheme


The Capital Scheme will offer tiered support, linked to the needs in the farmer’s business plan

The Capital Scheme will offer tiered support, linked to the needs in the farmer’s business plan

Northern Ireland has today announced details of the capital element of the Farm Business Improvement Scheme which is expected to open next month.
The Rural Affairs Michelle McIlveen said the Capital Scheme will only be for farmers who are actively involved in farming.
"It will be an important part of the Farm Business Improvement Scheme package of measures aimed at improving the competitiveness and sustainability of farm businesses," said Miss McIlveen.
"The Capital Scheme will offer tiered support, linked to the needs in the farmer’s business plan.
"The grant rate for the Scheme will be 40% of eligible costs. Tier 1 of the scheme will support smaller scale investments, costing less than £30,000, to improve the sustainability of farm businesses.
"Tier 2 will drive larger scale, transformational investment in projects costing over £30,000."
She added: "I want to ensure that we invest in the next generation of farmers and those committed to developing themselves and their farm practices.
"Therefore the Capital Scheme will favour both young farmers and qualified farmers at the selection stage."
All applicants must have a Category 1 Farm Business ID and will have to provide a ‘Making it Safer’ self assessment certificate as part of their application.
The Minister said: "This Preparation Stage will allow time for farmers to start to prepare before the Scheme opens.
"I would encourage farmers to begin thinking about what they need to do now if they are interested in applying for grant support."
Agri-Minister McIlveen (middle) has set out her vision for the future of NI

Agri-Minister McIlveen (middle) has set out her vision for the future of NI's rural economy


Northern Ireland is bidding for up to £40million, covering two tranches for each Tier of the Farm Business Improvement Scheme capital scheme.
It is anticipated that Tranche 1 for both tiers will open in October.
Tier 1 of the scheme will support smaller scale investments to improve the sustainability of farm businesses.
All successful projects costing from £5,000 - £30,000 will attract funding and it is primarily aimed at the purchase of equipment and machinery.
A reference priced list of equipment will be provided by DAERA for Tier 1 when the scheme opens.
Tier 2 will drive larger scale, transformational investment in projects costing from £30,000 to an unlimited amount and will attract funding to a maximum grant of £250,000.
Its focus will be primarily on construction projects and the purchase of higher value equipment linked to the needs in the farmer’s business plan.

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