$30m loan gives farmers productivity boost
AGRICULTURAL businesses can invest in their productivity and build biosecurity measures with access to an additional $30m in loans.
The Queensland Government has welcomed the interest in the Primary Industry Productivity Enhancement Scheme.
Agricultural industry development and fisheries minister Mark Furner said the scheme had received a wave of new applications after the extension of a $100m scheme was announced last month.
“These loans are a vital investment in Queensland’s agricultural sector, which remains a key pillar of the state’s economy,” he said.
Applications reached the $100m cap last month before an additional $30m in loans was made available.
“Queensland is facing an extraordinary economic impact in the face of the COVID-19 pandemic, making it even more important that farm businesses can invest in their productivity,” Mr Furner said.
The loans scheme extension included an additional $20m for PIPES loans and $10m for loans to support African swine fever preparedness.
“We have seen ASF have devastating impacts in other countries, including some of our closest neighbours,” he said.
“This program will help to protect the Queensland industry as it build the best possible defences.”
QRIDA has already approved 209 loans for $105 million and is working through an additional $21 million in applications.
“That means more investment in the agricultural sector, more investment in regional Queensland and more jobs for Queenslanders,” he said.