Grants for Farm Diversification
As we know there is nothing new about farm diversification and it certainly is not for every farmer or farming business. It however for many makes the best use of farm assets and most importantly generates an additional source of income from the farming business other than farm production. New generations are finding innovative ways to use their agricultural land. Diversification can expand horizons of both farm and careers.
In 2021/22, nationally, 68% of farms have diversified in some way which is 15% higher than in 2011/12 (Defra Stats).
The most profitable form of diversification is letting buildings for non-farm use, the average enterprise income being £22,300. Tourist accommodation, catering, processing, retailing of farm produce average enterprise income £15,100 & £14,400 respectively.
In April/May 2023 funding will be available to support local businesses and communities. The new scheme is called the Rural England Prosperity Fund The funding is offered as part of the Shared Prosperity Initiative. Each Local Authority has been allocated funds, depending on their rurality to:
- Support new and existing rural businesses to develop new products and facilities that will be of wider benefit to the local economy. This includes farm businesses looking to diversify income streams.
- Support new and improved community infrastructure, providing essential community services and assets for local people and businesses to benefit the local economy.
The funding is available only for capital grants and runs until March 2025. You will need to contact your own local authority to find out its own priorities. They all vary.
The time is NOW to plan and apply!
The PowerPoint presentation below provides greater detail on the new grants and other programmes that are in place.
If you would like to find out more about making an application from applying for planning permission to borrowing match funds to writing the application please contact a member of our team who would be delighted to help and guide.