Support is available for farm business looking to diversify

"We would urge companies to seriously look at what the WRIF can offer as a way of putting their growth plans into place."

Farmers across Warwickshire looking at new ways to boost profitability and make their farms sustainable could receive vital support from the Warwickshire Recovery Investment Fund (WRIF).

Recent National Farmers Union (NFU) research revealed that of 1,652 farmers across the UK who were asked about their diversification plans, over one third (37%) said they or a third party were already using their land for non-farming activities.

Holiday accommodation, including caravans, campsites and B&Bs, was the most popular source of diversification, accounting for around 12% of farms. Renewables, livery and equestrian and farm shops were also popular ways to add new income sources beyond traditional farming.

The extent to which these non-farming activities contribute towards total business turnover varies hugely but, on average, it contributes 16% - up from 11% in 2020.

Many more farms are likely to seek new revenue streams in the near future. Of those that haven’t yet diversified, 11% say they are likely to do so in the next five years. Of farms that have already diversified, 34% said they plan to diversify further.

With any diversification and growth plans, farmers, like all businesses, need help, guidance and support, a corner stone of which is access-to-finance - and that is where the WRIF could prove invaluable.

The WRIF is Warwickshire County Council's £140m investment fund designed to drive growth and recovery of the county’s economy. Commercial loans of between £1,000 and £10million are available to businesses which have credible plans for growth which will deliver social and economic value to the county. The fund can consider businesses seeking funding for the first time, those with projects requiring top-up funding, and those that may have exhausted existing access-to-finance options.

The WRIF fund is split into three areas to support businesses of different sizes and scales; Business Investment and Growth, Local Communities and Enterprise, and Property & Infrastructure. The Business Investment and Growth (BIG) element of the fund offers debt finance to growing medium and larger businesses with sound prospects while the Local Communities and Enterprise (LCE) fund provides small business loans of £1,000 to £100,000. Both funds may dovetail perfectly with farms looking to diversify.

Warwickshire County Cllr Martin Watson, Portfolio Holder for Economy, said: “Rural businesses play a vital role in our county's economy and we are very keen that they capitalise on the support which could be available to them through the WRIF. Our team is on hand to support businesses through the application process and I would urge any farms to which this support could make the difference to their growth plans to get in touch.

"We are doing all that we can to make the process as simple as possible for applicants and we would urge companies to seriously look at what the WRIF can offer as a way of putting their growth plans into place. "

For further information on the WRIF and what support it can offer, local businesses can visit www.warwickshire.gov.uk/wrif or to submit an Expression of Interest, please telephone 01926 412709 or E-mail: wrif@warwickshire.gov.uk

For more information about the small business loans, call Coventry and Warwickshire Reinvestment Trust, who manage the Local Communities and Enterprise Fund on behalf of WCC, on 02476 551 777 or visit https://www.cwrt.uk.com/applylce