Issues around co-op finance of equipment due to be sorted
Farmers who have used loans from co-ops to purchase are being refused grant aid under the TAMS II scheme.
The issue arises due to the fact co-ops are still in owners of the equipment and the farmers are being refused grant aid due to the fact they cannot provide proof of ownership.
The Terms and Conditions of the TAMS II Scheme are very specific and state that applicants must have fully paid for the investments before grant aid issues.
Only payments made prior to submission of the TAMS II payment claim can be considered as an eligible cost.
The extract from the Terms and Conditions states;
"Grant aid will not be paid in respect of new equipment or investments unless full ownership thereof has been transferred to the applicant prior to the lodgement of the payment claim. Full ownership is defined as when the applicant has fully paid for the investment".
However, it is understood that this week the Department of Agriculture moved closer to finding a solution to the issue with a significant number of farmers believed to be affected.