Flavian Obeiro has benefitted from the scheme
In September 2022, Oxbury Bank launched a brand-new initiative, Oxbury New Gen, to help and support new entrants making their way in the industry.
A year after its establishment, it has been hailed an industry success and has already paid out millions of pounds. The bespoke scheme has given new entrants the chance to pursue their farming ambitions, and with the industry in need of new skills and fresh blood, it has certainly come at the right time.
Aiming to help young people from all walks of life, the funds have supported a variety of projects: funding grazing land and the purchase of additional breeding ewes to set up a profitable business; funding the expansion of a sustainable, organic lavender farm; and purchasing many farm tenancies. Women have accounted for 40 per cent of those who have received funding, and most new enterprises have been in the dairy sector (32 per cent).
READ ALSO: Starting out simple allows new entrant couple to flourish
The support is all encompassing; it could provide up to 100 per cent of the financing, and business or financial advice is also offered. New entrants can create a business plan, and the delivery and progression of this is then tracked.
Edward Johnson has successfully used the scheme to grow his dairy business at New Buildings Farm, Hilderstone, to milk 600 Holsteins.
He says: "Using Oxbury's latest New Gen scheme, I have been able to push my dairy business forward quicker and get where I am wanting to be sooner. I feel with their understanding of the industry it gives me greater confidence to keep investing and growing my business.
READ ALSO: Micro dairy allows farmer to follow her passion for dairy
"I make full use of their scheme, having quarterly meetings with my farm consultant where we can keep track of business performance and identify where we can improve."
Applicants are given feedback at each stage of the application process, and at the business plan approval stage will be assigned a relationship manager and a farm business adviser. Flavian Obeiro and his partner Nikki Clarke are two successful Oxbury New Gen applicants who are now actively farming a 24.7-hectare (61-acre) tenancy in Tynefield, Hampshire.
Flavian says: "You do the application, and you can have all the knowledge and the passion, but it always boils down to money. I will do whatever it takes to make it work, but you still need that starting capital to get it going."
FACTS
- You must be a new business set up within the last three years
- Your business plan must have agriculture as the core business activity
- You must be between the ages of 18 and 40 at the time of application
- You must have relevant practical experience working in the agricultural sector
- You must not be earning an economic wage from your own farm
- For more information about the Oxbury New Gen scheme, visit www.oxbury.com/new-gen
