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Interest free drought loan applications close on September 30

By Rodney Woods

Farmers and farm-related small businesses have until the end of the month to take advantage of two-year interest-free loans from the Regional Investment Corporation before the drought-related loan terms change.

Federal Agriculture Minister David Littleproud said now was the time for farmers and farm-related small businesses to submit their loan applications in order to qualify for the interest-free period.

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

“The loans can refinance existing debt, fund activities such as replanting and restocking and operating expenses.”

Loans of up to $2 million are available for farm businesses and up to $500,000 for agriculture-dependent small businesses.

For Drought and AgBiz Drought loan applications made from October 1 onwards, the terms will revert to five years of interest only, followed by five years of principal and interest.

To apply, visit: https://www.ric.gov.au/drought