DARD originally said there was space for around 3,000 farmers in the scheme. Up to 160 sector specific business groups could be established, each group with 15-20 farmers and facilitated by a CAFRE advisor.

In the application process, desirable criteria were included to separate applicants in the case of oversubscription to the scheme. This included member of some form of benchmarking undertaken on the farm, membership to an existing discussion group and being a part of an integrated supply chain.

The department have said that farmers will find out early in the new year if applications have been successful. The first meetings of the groups are expected to take place in the spring.

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Applications for the BDG had been opened for six weeks, however last Tuesday approximately 750 applications had been received, meaning an influx of applications were submitted over the weekend.

Speaking about the groups today, agriculture Minister Michelle O’Neill said: “This is very positive news for our industry in the north. Farmers have demonstrated in great numbers their willingness and desire to improve the performance of their farm business.”

The scheme is funded through the Rural Development Programme 2014-2020 and is the first phase of the Farm Business Improvement Scheme (FBIS). Minister O’Neill said that the next phase of the FBIS will be the £200m capital grant scheme.