Farming Investment Fund Offers Excitement and Opportunity - Jonathan Hird, Chartered Surveyor highlights key new grants soon to be available for agricultural businesses.
For farmers looking to grow their agricultural businesses, 2021 is offering a number of exciting prospects on the horizon. Direct payments are now being phased out, and the highly anticipated Farming Investment Fund is due to be released in autumn. This initiative has been created with the aim of helping promote investment into agricultural business, and is set to be a significant driving force in allowing farmers to expand or enhance their enterprises. This is a new grant and funding pot made available by the English Government, as it looks to take control of its agricultural funding.
Put simply, the fund is divided in to two key parts:
- Farming Equipment and Technology Fund – this is the lower investment part of the funding, which aims to improve business performance. This funding involves a set list of equipment and small infrastructure investments. It is similarly aligned to the previous Countryside Productivity Small Grant Scheme, which has already been made available across three different rounds within the UK. Examples of equipment in previous rounds include livestock handling equipment, dribble bars and GPS technology.
- The Farm Transformation Fund – this is a larger investment fund, aiming to increase business productivity. It is similar to previous schemes in the past which have set out to improve farm productivity, manage water resources or add value to agri-food. Examples of such may include robotic or automated technology, precision farming equipment, equipment and technology for storing, as well as sorting or processing products.
The Farming Investment Fund will be available for farmers and agricultural or forestry contractors who are based in England. The aim of the fund is to improve and increase profitability whilst developing and enhancing environmental goods. This is all part of the overarching Agricultural Transition Plan, as the subsidy payments are phased out. This therefore reduces the reliance on direct payments and increases the productivity from a holding, in an environmentally and sustainable way.
Watch this space for more details on the specific items which will be eligible for grant funding. At H&H Land & Estates, we will endeavour to keep you updated on this and to assist with any application processes. If you require any more information, please feel free to contact one of our H&H Land & Estates offices or contact me at firstname.lastname@example.org.