Department of Agriculture rejects banking proposal to allow hire purchase under TAMS
Decision a blow for farmers looking to fund building new sheds or buy machinery
Slurry spreading equipment on display at the LAMMA Show in Birmingham — farmers face challenges accessing grants for such machinery under TAMS without upfront funding. Photo: John Keeble/Getty Images
Farmers hoping for more flexible ways to fund sheds and machinery under the TAMS scheme have been dealt a blow, as the Department of Agriculture has rejected a push to allow asset finance – a move strongly backed by the banking industry.
Under TAMS, farmers get a grant to help cover the cost of things like sheds or machinery, but must pay for it all up front first and then claim the grant back. This means farmers must have the cash ready and many take out loans to facilitate this.
