Australian farmers have recently been affected by drought and may qualify for low interest drought loans to help them fund new investment or ease financial pressure. Many farmers currently need assistance in managing their cashflow, refinancing or accessing new debt.
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Some valuable initiatives are available to provide them financial relief but many farm owners or operators are not aware of these. In drought conditions, there are low interest, no fee loans available for affected farmers in need of financial help. The Regional Investment Corporation (RIC) is established to encourage investment, resilience and growth in Australia’s regional communities and has $2 billion pool of funding for eligible applicants.
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RIC will lend up to 50% of total term facilities. Drought loans have a 10 year term (two years without interest, three years interest only and five years principal and interest). The current rate is 2.11%. You can use drought loans to refinance debt, pay or access new debt for operating expenses or capital. To be eligible, farm business owners must have a drought management plan and show future cash flow information to prove long-term viability.
Some livestock farmers or irrigators who are not affected by drought directly but feeling indirect effect like feed prices or higher water may be eligible for a farm investment loan, which has the same conditions to the drought loan but with a five year interest only and five year principal and interest payment structure.
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
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