FARMERS will now be able to apply for low interest loans directly from a single national body with the launch today of the Regional Investment Corporation (RIC).
Federal Minister for Agriculture David Littleproud said the RIC would deliver new loan products to farmers that would encourage them to diversify their markets and invest back into their businesses.
Minister Littleproud said the RIC would also offer drought loans to help farmers prepare for, and manage through, times of drought.
“I encourage farmers to get online and take a look at the loan eligibility and terms on the RIC website,” he said.
Minister for Finance, Mathias Cormann said a pool of $2 billion would be available for the RIC’s farm business loans.
Another $2 billion is available through the National Water Infrastructure Loan Facility, for state and territory governments to fast track the construction of priority water infrastructure.
“We have issued the RIC with its operating mandate and look forward to seeing it achieve outcomes for rural and regional communities,” Minister Cormann said.
The RIC is a corporate Commonwealth entity established to make farm businesses stronger, more resilient and profitable in the long term.
It is overseen by an independent Board, chaired by David Foster.
For more information visit www.ric.gov.au
Source: Minister for Agriculture and Water Resources