Oxbury New Gen backs the new generation of farmers
Britain’s farming industry faces a demographic challenge like never before. According to DEFRA, the average age of Britain’s farm owners is now 59, with farmers aged 65 and over forming the largest group.
Just 3% of farm owners are aged under 35; a figure that has not changed since 2005.
At the same time, the challenges of running farm businesses are becoming ever greater as the sector transitions to a new economic and low-carbon reality.
This creates an opportunity for entrepreneurs to bring innovative ideas and fresh ways of working to the sector.
However, a lack of access to funding and the historic reluctance of banks to back the new generation restricts young people from entering farming.
In response, Oxbury Bank – the UK’s first and only AgTech bank – launched Oxbury NewGen.
The product will provide funding and free business consultancy, with up to 4 meetings per year with leading farm advisors for new entrants into farming aged between 18 and 40 years.
Oxbury will provide up to 100% of the financing which is not offered anywhere else to new generation farmers.
Nick Evans, Oxbury co-founder and Managing Director, added,
“The future of farming is extremely important to us. We understand the specific challenges facing us all over the years ahead, in particular in ensuring we grow and develop the next generation of farmers and farm businesses.
We believe that without new entrants our collective need for a strong, resilient farming and food supply chain will be difficult or even impossible to maintain.”
How to apply for Oxbury New Gen:
Applicants should meet the following requirements:
- Be a start-up business
- Have agriculture as the core business activity in the business plan
- Be aged between 18 and 40 at the time of application
- Have relevant practical experience working in the agricultural sector
- Must not be earning an economic wage from their own farm
What is the application process?
There are 3 core stages of the application process:
Complete an online application to access the eligibility for funding and after the first criteria checks Oxbury will ask for your CV and a cash flow statement.
There will be a virtual interview to discuss the business proposal, financial assumptions, and to understand the current set up.
Final business plan approval – An Oxbury Relationship Manager and a farm business advisor will work with the applicant to finalise the funding application process.