How you can access $500,000 drought relief loans
DESPITE recent rainfall across the region, plenty more is needed to end the drought which continues to take its toll on individuals and businesses that rely on the land.
In response, the Federal Government has shown it is still committed to providing support to those affected.
Member for Maranoa David Littleproud has announced a new Regional Investment Corporation loan for farm-dependent small businesses to pay for operating expenses and/or refinance existing debt.
“As drought continues to hit small businesses across rural Australia, the RIC’s AgBiz drought loans will offer financial relief,” Mr Littleproud said.
“Small businesses are the lifeblood of our regional communities and they’re doing their best to serve farm businesses also affected by this drought.
“Those businesses, like livestock transporters, equipment repairers and harvesting contractors, can use these small business drought loans to refinance existing debt or just keep their businesses going until the drought breaks.”
Loans of up to $500,000 will be available with a two-year interest-free period.
Following those first two years, concessional interest-only payments will apply before principal and interest payments are required in the final five years of the 10-year loan term.
Guidelines and application forms for these new loans are available on the RIC’s website here.