Repurposing unused farm buildings: expert advice on gaining additional income
1st March 2024
Farmers have been encouraged to repurpose their unused buildings and gain additional income through diversifications.
Regional sales director of direct lender Rural Asset Finance, Ben Wood, said that farmers can easily turn their buildings into Airbnb accommodation, storage units, office space or even open a shop or café with the company’s financial help.
He added: “Farmers are brilliant at maximising their resources. Farm buildings are a great example – not only can an old store or shed be resurrected, it could give you a whole new income stream.
“Every farm is different, so farmers need finance to suit their unique situation, that’s why we listen to your story, take time to understand what makes your business special, help your ideas become reality and travel the journey with you.
“Look around, see how existing or new buildings could make you money. With the right finance, you literally have the building blocks to secure your future.”
Life-changing projects
Mr Wood added that financing even the most ambitious ideas can be straightforward. Government grants, which can be as much as £500,000, could be used as a deposit alongside asset finance, funding the rest to create a life-changing project.
“The right lender can give you a fixed-term, fixed-rate loan secured on land or existing buildings, giving you the funds to complete the project, while protecting your cash flow and barely touching your reserves,” Mr Wood said.
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