Additional $2 billion for RIC Drought Loans and AgriStarter Loan Launch Date Announced
The Regional Investment Corporation (RIC) welcomes the Federal Government’s announcement today that an additional $2 billion will be available for the RIC’s Drought and AgBiz Drought loans in response to the incredible demand received.
Over the past six months, the RIC has been processing more and more loan applications for drought-affected farmers and farm-related small businesses and we’re pleased to be able to continue meeting this demand with additional funding so farmers and farm-related small businesses can prepare for, manage through and recover from drought.
The Federal Government also announced the interest-free period for the Drought and AgBiz Drought loans will end for applications received after 30 September 2020, meaning businesses applying after that date will pay interest-only for five years and principal and interest for five years over a 10-year loan term.
However, the interest rate will fall to 1.92 per cent from 1 August 2020, meaning these loans will continue to be an attractive option.
In addition, the AgriStarter Loan, available for farm business establishers, purchasers and succession planning, will open for applications on 1 January 2021. To find out more, click here.
For more on the RIC, AgriStarter Loans and our drought-related loans visit ric.gov.au