Farmers and other primary producers in the Welsh agricultural sector have a week to act if they are not to miss out on a major European funding pot which could help them achieve their ambitions to invest in projects which will add value to their businesses.

Mike Fenwick, director of grants with professional advisors Broomfield & Alexander, which has an office in Newport, said the Welsh Government’s £8m Food Business Investment Scheme is a valuable one, and farmers would be losing out if they did not consider an application before the cut off date at the end of September.

“This programme represents a significant investment into the sector and downstream activities under the new European Funding structure,” he said, “and for the first time, it’s open to large companies as well as small operators, which the previous programme was not.

“It’s designed to support projects which will increase the customer base, appeal and competitiveness of the sector, and stands to really benefit farmers because it’s aimed specifically at helping to add value directly or indirectly to their activities – a key business objective for many.”

The Food Business Investment Scheme was launched earlier this year by the Welsh Government as part of its Action Plan to boost sales in the food and drink industry in Wales by 30 per cent to £7bn by the year 2020.

It hopes farmers and producers will respond by putting forward initiatives with an emphasis on sustainable land management, efficient use of natural resources, and climate action to safeguard the environment which will respond to consumer demand and identify, exploit and service new emerging and existing markets, thus encouraging diversification and improving the performance and competitiveness of businesses.

“The scheme covers capital investments in processing equipment along with some associated costs and supports projects that offer clear and quantifiable benefits to primary producers, either directly or indirectly, in the agricultural sectors providing the raw materials,” said Mike.

“With a total budget of £8m available for distribution and support ranging from anywhere between £2,400 and £5m, this is clearly not an initiative to be by-passed. As with all these schemes, the application process can seem daunting, but I would urge farmers not to let that put them off, but seek professional guidance to help them through the process.”