Regional Investment Corporation receives additional loan funding

Posted 28 Jul '20

Regional Investment Corporation receives additional loan funding

By Gillian Hayward

Are you eligible for additional drought assistance funding?

• An additional $2 billion has been announced for RIC drought-related loans
• RIC Drought and Agbiz Drought loans terms will be updated to provide five years interest only then 5 years principle and interest over a 10 year term for new loans applications received after 30 September 2020 (The RIC’s Drought Loan offers up to $2 million and the AgBiz Drought Loan up to $500,000, both loans are currently interest free in the first two years, for applications received before 30 September 2020, followed by three years of interest only then principal and interest for the remaining five years of the 10-year loan term)
• If you wish to take advantage of the two year interest free period, you will need to lodge an application before 30 September 2020
• A new low variable interest rate of 1.92% applies for farm business loans and 1.46% for water infrastructure loans, effective from 1 August 2020
• Agristarter loan applications will be open from 1 January 2021 for the next generation of farmers. This loan will offer up to $2 million for establishing a new farm business, buying an existing farm business or succession planning. This loan will have the same terms and interest rate as the other RIC loans outlined above

Now is a good time to review your current finance arrangements and your eligibility for these loans as well as considering or revisiting your succession planning arrangements and how the Agristarter loan may assist.

For more information, please visit the RIC website or contact your WDF professional team member.