Regional Investment Corporation is open for business
The Regional Investment Corporation (RIC) launched today, offering new lowinterest farm loans directly to farm businesses.
The RIC is the new national administrator of the Australian Government’s farmloans scheme and replaces the loan scheme offered through state delivery agencies.
Chairman of the RIC Board, David Foster said the priority has always beenensuring the RIC is open for business from 1 July.
“Our goal is to make sure viable farmers in need can access our finance to helpthem through the tough times so they can thrive in the good times,” David Foster said.
“More Australian farm businesses will be eligible for low-interest loans than ever before. Farmers will also have more flexibility in how they use a RIC loan compared to the previous scheme.”
“Our loan products will be easy to access through a consistent assessment process, which means every farmer will be treated the same regardless of where they live,” David Foster said.
Mr Foster said the RIC worked with key farming stakeholders during the consultation phase to ensure their feedback on the loan guidelines and other settings was considered.
From today, eligible farmers will be able to apply for two loan products – drought loans and farm investment Loans. The RIC’s farm loans aim to make farm businesses stronger, more resilient and more profitable in the long-term.
Drought loans are for eligible farmers to prepare for, and prevail through, times of drought.
Farm investment loans will help eligible farmers build and maintain diversity in the markets they supply their product – both at home and overseas.
The RIC will also administer $2 billion in financing to state and territory governments through the National Water Infrastructure Loan Facility.
Farmers are encouraged to not self-assess. Please contact the RIC to discuss individual circumstances before deciding whether to apply.
Visit www.ric.gov.au for more information or call 1800 875 675 (8:30am –
5:30pm Monday to Friday local time) to speak to someone in our loans team.