Minister Michelle Gildernew MP, MLA has confirmed the extension of the closing date of the New Entrant Scheme to February 2009.

The New Entrant Scheme supports young farmers under 40 years of age by paying up to £17,000 of the interest charges, over a five-year period, on loans invested for an agricultural purpose.

Announcing the extension the minister said: "I can now confirm that I have put in place the necessary legislative amendments to extend the closing date for the New Entrant Scheme until 27 February 2009.

"This extension will leave potential applicants more time to prepare applications for funding under the £4.5m Scheme.

"However, if the available budget is fully committed before this new deadline, the scheme will close immediately.

"It is encouraging to hear that over 60% of the scheme's budget has already been allocated. CAFRE (College of Agriculture, Food and Rural Enterprise) advisers are currently working with a considerable number of potential new applicants to develop business plans which they can use to take to their banks to apply for a loan.

"I am committed to ensuring that we do all that we possibly can to ensure that young farmers take full advantage of the scheme on offer.

"Anyone who may be thinking about applying to the scheme should contact CAFRE with their proposal."