The next tranche of TAMS 3 (Targeted Agricultural Modernisation Scheme), the Young Farmers Capital Investment Scheme (YFCIS), has opened to applications.
The measure, which provides funding for capital investments on farms and will be in place for five years, continues at higher support rates for young farmers of 60% grant support.
This scheme offers grant aid at a higher rate of 60% for qualifying young farmers for over 300 investment items for dairy, beef, sheep, pig, poultry, and tillage enterprises.
These investments cover areas of animal welfare and housing, energy efficiency, and nutrient management.
Grant aid will only be paid on approved, completed, and eligible expenditures and shall be paid at the rate of 60% up to the applicable maximum investment ceiling of €90,000 per holding.
Multiple applications per tranche are permissible; however, the minimum amount of investment which is eligible for approval under this Scheme is €2,000 per application.
The YFCIS is the eighth scheme to open under TAMS 3, following the successful launch of the following:
- Solar Capital Investment Scheme (SCIS);
- Animal Welfare and Nutrient Storage Scheme;
- Pig and Poultry Investment Scheme;
- Organic Capital Investment Scheme;
- Low Emission Slurry Spreading Scheme;
- Dairy Equipment Scheme;
- Tillage Capital Investment Scheme.
The objectives of the Young Farmer Scheme, according to a statement that the DAFM issued to www.thatsfarming.com, 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.
What investments are eligible?
A detailed list of the eligible investments is detailed in Annex B of the scheme terms and conditions.
All department structural specifications and notices relevant to this Scheme can be accessed on the DAFM’s website.
What is a Young Farmer?
Young farmer in TAMS 3, the DAFM outlines, means a person:
- Who is under 41 years of age at the time of submitting the application;
- Possesses adequate occupational skills and competence;
- Is setting up for the first time in an agricultural holding as head of that holding.
Can a Young Farmer farm with others?
In the case of a Young Farmer farming with others, a declaration is required that the young farmer exercises effective and long-term control over the partnership or legal person in terms of decisions related to management, benefits, and financial risks either solely or jointly together with other members of the partnership.
What are the educational requirements?
Applicants must have completed one of the courses listed in Annex J of the scheme’s terms and conditions or an equivalent course on or before the date of lodgement of an application for support or, at the latest, within 36 months from the date of issue of Department approval to commence works.
Where this deadline for completing the educational requirements is not respected, the DAFM will pay grant aid at the standard rate of 40%.
You can direct queries of a technical nature relating to the specifications by email to the following email address – [email protected].
Read another article on supports for young farmers in Ireland in 2023.