The Mains of Loirston Charitable Trust was established in 2007 by retired farmer Sandy Allan, who died in 2008. Allan donated his farm on the outskirts of Aberdeen to the trust and it was subsequently sold for development for several million pounds to provide capital for the trust.
"Mr Allan was a quiet, unassuming man who was never in the public eye but he was determined his considerable fortune should be used for the benefit of agriculture and especially the encouragement of young people coming into the industry," said Aberdeen solicitor Alastair Robertson, one of the trustees.
"We have already assisted a number of students at SAC Aberdeen and now want to widen the net to the whole of Scotland, although preference will be given to projects which benefit farming in the North-east."
Students and agricultural research and education institutes are being invited to apply for grants which can be for a one off project or funding over a period of years.