Since June 2005, the Department has operated a Financial Assistance for Young Farmers Scheme to promote additional investment to farming by new entrants under the age of 40. Financial assistance takes the form of an interest rate subsidy on loans. The maximum amount of aid available to each participant is £17,000 and the maximum duration of interest payments is five years. A total of £4.5 million has been allocated to the Scheme. The Scheme is due to close for applications on 5 June 2008 or when all available funds have been committed, whichever is the sooner. A review of the first 18 months of the Scheme’s operation was undertaken earlier this year to: determine if the Scheme is delivering on its original aim; assess the uptake levels; and consider whether any adjustment to the Scheme is necessary or any other action is necessary to address areas of underperformance. A report on the review, which includes Action Points to address the main findings is attached.
01 August 2007
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