Rural Support has reminded farmers and those living in rural areas about their listening ear service at this time when Single Farm Payments are issued.
A spokesman stated: “Many farm businesses will receive their Single Farm Payment (SFP) during December. This could mean that some of those experiencing financial stress may feel it is alleviated for a short time however as most of us are aware, SFP is changing in 2015 to the Basic Premium Scheme and Greening, (BPS). This is a change that will make a big financial difference to farmers.
“DARD figures indicate that for many farmers the SFP is equal to their profit for the year. The changes will have huge financial implications for some farmers. The changes may also result in a substantial loss to cash flow and profitability. Businesses will have to look at what commitments they have going into the future.
Can the business find new cash flow opportunities? Would the repayments have to be rescheduled? Would assets have to be sold to relieve the pressure? Can costs be reduced? Can the business support all the members of the farming family or families involved?
“The best time to consider the implications of these changes and potential options is before reduced cash flow starts to bite. Rural Support can provide up to three sessions of free, confidential, face to face support. To speak to someone in confidence contact our helpline on 0845 606 7 607.
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