Farmers and farm-related small businesses across regional Australia will be able to access a record low interest rate of 1.77 percent on Regional Investment Corporation (RIC) loans.
This interest rate drop to record low levels, comes as part of a regular six-monthly review of the RIC’s concessional interest rate.
Minister for Agriculture, Drought and Emergency Management, David Littleproud, and Minister for Finance, Simon Birmingham, said the reduced interest rate would provide significant financial assistance to farmers and farm-related small businesses that are in most financial need.
So what exactly are RIC loans and what can they be used for?
RIC loan programs encourage growth, investment and resilience in Australia’s rural and regional communities, by including a suite of loan programs including Drought Loans, Farm Investment Loans, AgBiz Drought Loans and the recently launched AgriStarter Loan.
The Drought Loans assist farmers in preparing for, managing and recovering from drought. These loans can refinance existing debt, fund drought-related activities or productivity enhancements, or pay for operating expenses.
AgBiz Drought Loans assist small agriculture dependent businesses manage through drought. The loans can refinance existing debt or pay for operating expenses.
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