7 June 2017
With the uncertainty that Brexit brings for farmers with regard to subsidies, it is more important than ever to ensure that all possible sources of assistance are explored.
Many farmers are now looking at diversification as a possible solution, however this may not be an easy transition for those who have farmed for generations. For those wishing to continue with traditional farming they will need to ensure that they are aware of all possible sources of funding and assistance.
One interesting new way those in the industry can gain funding is through a Dragon’s Den style competition, Agri Innovation Den, launched for the agricultural sector. The competition is looking for technology concepts and start up business in the agricultural industry. The applicants will pitch their idea to a panel who will decide how much, if any, support to offer. The total fund available this year is £20 million, with a £5,000 promotional package available for every finalist. The closing date for applications is 7 July.
For those who would rather not pitch their ideas to an audience there are still more traditional grants available. These will depend on where in the UK you are based and are available for capital purchases as well as specific projects.
Working with the Carbon Trust could be another interesting avenue to explore. They offer assistance with energy efficient products by assessing your energy usage to see where savings can be made. After the energy assessment an interest free loan or a capital contribution may be awarded. As well as offering savings on your energy bills, the innovative technology could improve both productivity and profitability.
All sources of funding will require an application giving financial details, and possibly a business plan, which, as well as assisting with grant applications, can help to set goals for the future and determine the feasibility of a new project.
If you would like to discuss business plans or grant applications, please don’t hesitate to contact me or your local UHY rural and agriculture expert.
For more information on the services we offer to rural and agricultural businesses, click here.
