The Young Farmers Capital Investment Scheme (YFCIS) which is part of the new Targeted Agricultural Modernisation Scheme (TAMS 3) is open from today (Wednesday, May 31).
The scheme provides funding for capital investments on farms and will be in place for five years.
Young farmers will also continue to benefit from higher support rates of 60% grant support.
According to the Minister for Agriculture, Food and the Marine, Charlie McConalogue TAMS 3 has the largest range of investments available todate.
In order to qualify for the scheme a young farmer in TAMS 3 means a person who is under 41 years of age at the time of submitting the application.
The young farmer must also “possess adequate occupational skills and competence, and is setting up for the first time in an agricultural holding as head of that holding”.
The minimum amount of investment which is eligible for approval under the scheme is €2,000 while the maximum amount is €90,000 per holding.
Minister McConalogue said: “It helps to drive some of our key ambitions in Irish agriculture which includes of course support for young farmers and generational renewal.
“The launch of the Young Farmers Capital Investment Scheme is crucial in support of young farmers joining the industry.
This scheme offers grant aid at the higher rate of 60% for qualifying young farmers for over 300 investment items covering dairy, beef, sheep, pig, poultry and tillage enterprises.
“These investments cover areas of animal welfare and housing, energy efficiency, and nutrient management, and will assist Young Farmers in meeting capital costs to grow their enterprises”.
This marks the eighth scheme to open under TAMS 3.
The Solar Capital Investment Scheme (SCIS), the Animal Welfare and Nutrient Storage Scheme, the Pig and Poultry Investment Scheme, the Organic Capital Investment Scheme, the Low Emission Slurry Spreading Scheme, the Dairy Equipment Scheme and the Tillage Capital Investment Scheme are all now open.
According to the Department of Agriculture, Food and the Marine (DAFM) the key objectives of the young farmer scheme are to:
- Provide an incentive to young farmers to upgrade their agricultural buildings and equipment by providing them with an increased level of support to meet the considerable capital costs associated with the establishment of their enterprises;
- Facilitate the tillage sector to develop a targeted and precise approach focusing on environmental dividends, efficiency, and growth;
- Improve competitiveness and contribute to the improvement of agricultural incomes and rural development.