Following a meeting with farming representatives later today (Thursday), Agriculture Minister Michelle McIlveen is expected to announce the opening of the 40% capital grant scheme coming as part of the Farm Business Improvement Scheme.

Tier 1 of the scheme for projects of £5,000 to £30,000 (grant up to £12,500) is mainly for machinery and equipment and is to be administered by Countryside Services based in Dungannon. The administration of Tier 2, mainly for construction projects with a maximum grant up to £250,000, is to be completed in-house within DAERA. In total, there is £40m initially available across both tiers and to include two tranches or application windows, with the second tranche coming in autumn 2017.

To be a successful applicant this time around, it is not a matter of being first in the queue. Instead, applications will be judged against a set of criteria, with extra points awarded for an online submission, for young farmers under 40 who are head of holding at 28 October 2016, and to applicants who hold a level II qualification in agriculture.

Within the Tier 1 scheme, there is also a strong weighting linked to value for money. The Department has checked with equipment and machinery manufacturers and applied a standard cost against each item. A farmer who is able to source the item cheaper than this standard cost is more likely to be successful with their application.

In addition to the range of scoring criteria, there are also some key scheme requirements. These include completion of an online farm safety assessment (www.farmsafenet.org/Safer), a business plan (included within the application form for Tier 1) and a letter of support from a bank. For Tier 2 projects, an applicant must complete a Farm Investment Planner map available through DAERA online services.

DAERA officials are to undertake a series of roadshows across NI in November to take potential applicants through the requirements of the scheme.