The Sustainable Farming Incentive (SFI) is no longer accepting new applications. A huge blow to the industry, especially taking into consideration BPS, the post-Brexit markets, and the IHT announcement in the Autumn Budget.
For those that don’t know, the SFI was a scheme that encouraged farmers to adopt environmentally friendly practices, however, due to high participation levels (over 37,000 multi-year agreements) the full allocation of the program’s budget was met.
The Government plans to provide details about a new, reformed SFI offer later this year – but for now, no such information has been released.
In the agricultural industry, financial support and incentives have been available for many years however, we cannot rely on the past being a predictor of the future – this is unknown territory and has left many farmers questioning the long-term viability of their businesses without substantial financial backing – which is why it’s so important to remain on top of, and in control of your farms’ finances.
At Opal Agricultural, we regularly complete holistic reviews of any loans, mortgages and other borrowing to ensure that your business is running as efficiently and as cost effective as possible.
For a free, no obligation review. Contact us today!