Just seven farmers have applied for the Succession Planning Advice Grant which opened for applications on 19 October.

To date, all of those who applied are over the age of 65, the Department of Agriculture told the Irish Farmers Journal.

Applications for the current tranche of the scheme will remain open until 31 December.

The Department added that the approval process will continue into quarter one of 2024, after which payments will be made to qualifying farmers.

The grant aims to encourage farmers over the age of 60 to seek succession planning advice by contributing up to 50% of vouched legal, accounting and advisory costs, up to a maximum of €1,500.