DAERA has said that new details of the scheme, including the list of eligible items for tier 1, will be available when the scheme opens on Monday.

Grants covering 40% of costs of capital investments will be available over two tiers of the scheme. Tier 1 is for projects costing between £5,000 to £30,000 (grant up to £12,500) and is mainly for machinery and equipment. Tier 2 is mainly for construction projects with a maximum grant up to £250,000.

“This scheme, worth £40m over the first two tranches in its initial phase, represents a significant investment to support the industry’s ambitions,” NI Agriculture Minister Michelle McIlveen said.

The second tranche of the scheme is to open in autumn 2017. DAERA has said that the scheme aims to have “a particular emphasis on improving farm safety and investing in the farmers of tomorrow”.

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The Ulster Farmers’ Union has welcomed the opening of the Farm Business Investment Scheme. UFU Deputy President, Ivor Ferguson, said the UFU had been critical of the delays in getting this capital grant scheme off the ground, but now it is here he said the challenge is to get farmers using the scheme to help fund much needed improvements to farm businesses.

“This is a great opportunity for farmers. The future for all businesses depends on investing to make them as efficient as possible and the FBIS will encourage this.” said Ferguson. “We are keen that both Tiers should be implemented in ways that minimise red tape, although we do recognise that with the level of public funding available for Tier 2 more paperwork will be required.

Further updates on the scheme will follow on www.farmersjournal.ie

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