Tag Archives: finance

Still places on RPA/EA workshop on reservoir grants

The UK Irrigation Association has highlighted that there are still places on the next joint RPA and EA workshop on capital grants for irrigation reservoirs, which will be held in Hereford on October 18.

The Water Resource Management capital grants are worth up to 40 per cent of the cost towards construction of an irrigation reservoir and are available for arable and horticultural businesses.  The grants are designed to improve farm productivity through more efficient use of water for irrigation, and to secure water supplies for crop irrigation by constructing on-farm reservoirs and related systems, and the deadline for new grant applications is 3 April 2018.

The workshop will explain the grants and how to apply, covering the level of grant available, project eligibility and issues around abstraction licence application. To book, or for more information, please email CPEnquiries@rpa.gsi.gov.uk. The timing and venue details will be provided upon booking. More details can be found in the handbook available here.

Photo Credit: gov.uk

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Scottish farm debt hits record level

Scottish farmers owe more money to banks than at any time since records began in 1972, according to a report.

Outstanding loans to Scottish farms were more than £2.3 billion by the end of May, up £113 million (or 5%) on the previous period. Other finance, such as hire purchase agreements, family loans and other borrowing could account for a further £1.1 billion according to estimates.

Some commentators have questioned whether widely reported delays in farm payments by the Scottish Government have contributed to the figures, but Scotland’s Rural Economy Secretary Fergus Ewing tried to put a positive spin on the figures: “It is vital that Scottish farmers can continue to access capital to invest in their businesses. These statistics show that banks are still lending to farmers, which is a sure sign of confidence in the sector,” he said.

“However, with many farmers relying on subsidies for a large part of their income, we must be wary of farmers getting into excessive and unmanageable debt.”

There is a similar pattern to agricultural borrowing in the rest of the UK, with figures from the Bank of England showing that in May 2017, the UK agricultural, field sports and forestry sector had an outstanding debt of £18.5 billion, up 57% since 2010.

The post Scottish farm debt hits record level appeared first on Hort News on 28 Sept 2017.

New tractor finance from John Deere

John Deere Financial has announced a new finance programme for customers of its compact tractor range in the UK.

This includes the 1R, 2R, 3R and 4R Series models with power outputs from 25 to 66hp. Some models also have a choice of AutoConnect drive-over rotary mower decks and, on selected models, the company’s award-winning Hitch Assist system, which makes coupling up implements and trailers to the tractor’s rear hitch quicker, easier and safer.

Available to business customers until further notice, the finance offer is for 4 + 44 monthly repayments at an overall flat interest rate per annum of only 1 per cent, based on 60 per cent of the recommended retail price. Using the example of its smallest model, the 1026R, John Deere Financial says that an initial financed payment of £586.16 would be followed by 44 payments of £146.54, based on a retail price of £11,273 and a net deposit of £2029.20, giving a representative APR of just 3 per cent. The VAT can be paid in total on signing a hire purchase agreement, or on each payment on a finance lease scheme.

“This tractor finance offer is ahead of anything else currently available on the market,” says John Deere Limited turf division manager Chris Meacock. “Financing new equipment in this way can help any business to forecast and fix its capital investment costs, while also taking advantage of the latest available technology.”

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