The Regional Investment Corporation (RIC) has had some good news today (30 July 2020) with the Federal Government announcing an additional $2 billion for this financial year to fund the Drought and AgBiz Drought loans, as well an additional $50 million operational funding over the next four years.
We’re really pleased that this will enable us to continue providing affordable finance to drought-affected farmers and farm-related small businesses.
In addition to the $2 billion for the drought loans, the Federal Government has also announced that the Drought and AgBiz Drought loan interest-free period will end on 30 September 2020. Loan applications received after this date will have the current variable interest rate applied. It is currently 2.11 per cent and will fall to 1.92 per cent from 1 August.
The Federal Government also confirmed that AgriStarter loan applications will open on 1 January 2021 which is good news for those who have been waiting for this loan. The AgriStarter loan will be for amounts up to $2 million to help farmers with establishing or purchasing a farm business, as well as succession planning.
Note the Drought Loan and the Agbiz loan continue after the 30th September with the new terms of five years interest only and five years Principal and Interest .
For further information please contact the Regional Investment Corporation https://www.ric.gov.au/ or 1800 875 675