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The RIC on the ground at Henty Machinery Field Days

The Regional Investment Corporation (RIC) – which provides government-backed low interest loans to farmers in need – will be on the ground at the Henty Machinery Field Days this week.

The RIC replaces the federal concessional loans scheme that was delivered by the Rural Assistance Authority up until 30 June 2018.
The newly formed RIC launched on 1 July 2018.

“As a brand new organisation, our priority is getting out on the ground and talking to farmers about our loans, their uses and eligibility requirements,” interim CEO Matt Ryan said.

“We are quite focused on getting information out to farmers and trusted financial influencers in NSW where the drought is really starting to take hold.

“Our farm business loans are for regular farmers who, because of things outside their control, are doing it tough,” interim CEO Matt Ryan said. 

“There’s a lot of interest in refinancing existing debt with the RIC, as the savings are significant – in some cases the difference between our 3.58% and a commercial rate puts an extra $20,000 into a farmer’s pocket each year.

“Other farmers may want to access new debt to pay bills, buy feed, de-silt dams, plant new crops or agist livestock. These are just some of the activities our loans can be used for.

“It’s so important that farmers don’t assume they’re ineligible for our loans. Come and see us in the NSW Government shed at Henty and tell us about your situation and what you’re business needs are. Our team understands agribusiness and is here to help.”

For more information about the Regional Investment Corporation visit ric.gov.au or call 1800 875 675.

Media Contact: Julia Brown mobile: 0422 655 999