Drought loan interest-free period ending soon

Thursday, September 17, 2020
News

Farmers and farm-related small businesses have two more weeks to take advantage of the two-year interest free period for the Regional Investment Corporation (RIC) drought loans.

The low interest loans - up to $2 million for farm businesses and up to $500,000 for agriculture dependent small businesses – will still be available, but to qualify for the two-year interest free period, applicants need to submit a completed application on or before Wednesday 30 September 2020.

After that, the terms will revert to five years’ interest only and five years’ principal and interest.

Minister for Agriculture, Drought and Emergency Management David Littleproud is urging farmers and farm-related small businesses who are hoping to take advantage of the interest free period to act now.

“These loans have been critical in helping farmers and small businesses facing hardship due to the drought,” Minister Littleproud said.

“Drought Loans assist farmers in preparing for, managing and recovering from drought. The loans can be used to refinance existing debt, fund activities such as replanting and restocking and operating expenses.”

“AgBiz Drought Loans assist small agriculture dependent businesses manage through drought. The loans can refinance existing debt or pay for operating expenses.”

For more information, visit the RIC website.