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Farmers to receive £22 million to support innovation in agriculture

In an effort to enhance productivity and innovation across the agricultural sector, farmers are set to benefit from £22 million in grants from the government.

Nearly 4,000 farmers are expected to benefit from the scheme, where grants of between £3,000 and £12,000 can be applied for.

The scheme aims to encourage investment in innovation and new equipment to improve productivity and save businesses both time and money. This includes precision farming technology and livestock monitoring cameras.

John Taplin, Operations Director – Paragon Asset Finance, said:

Paragon prides itself on helping UK farms and agricultural companies to develop through providing access to funding.

With uncertainties such as Brexit on the horizon, it is great to see schemes like this being rolled out to further support the agricultural sector and provide some reassurance during this time.

This follows the initial launch of the funding in 2018, where £15 million was granted, meaning a total of £37 million has been allocated across the two years. The final round of funding is expected to open in autumn 2020.

To see which items are available on the scheme, the Rural Payments Agency is encouraging farmers to speak to any suppliers before 10 November.

If you’re looking for new or used agricultural equipment, Paragon offers a variety of specialist flexible finance solutions. With the options of both leasing or purchasing, our team has expert knowledge in the complexities of this unique sector and will be happy to help.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551