Drought loans available

Lachlan Shire Council would like to remind the public that drought loans are available for drought-affected agriculture businesses from the Federal Government through Regional Investment Corporation.

There are three loan types currently available from the Government.

AgBiz Drought Loans are for small businesses that supply primary production-related goods or services to farm businesses in affected areas, to help ensure profitability and productivity into the future.

Owners of Australian small businesses who need financial help can apply for this loan.

You must derive a substantial part of the turnover of your business from supplying goods or services relating to primary production.

The affected farm business you supply must be located in an eligible area of Australia. This loan is two years interest free, three years interest only and five years principal and interest. It has a 2.11 per cent variable interest rate and is for sums up to $500,000.

Drought loans are for farm business owners affected by drought.

Owners of Australian farm businesses who need financial help may apply. The loan is two years interest free, three years interest only and five years principal and interest. You may borrow up to $2 million.

Farm investment loans are for Australian farm businesses. The purpose is to diversify your markets and to manage through or recover from drought.

Owners of Australian farm businesses who need financial help can apply and you must sell (or want to sell) into supply chains outside your state or territory.

Further information, including eligibility criteria is available from https://www.ric.gov.au/

RELEASE ENDS