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RIC on the ground in Roma and Toowoomba

The Regional Investment Corporation (RIC) – which provides government-backed low interest loans to farmers in need – has been on the ground in Roma and Toowoomba this week holding information sessions.

The RIC’s farm business loans replace the federal concessional loans scheme delivered by the Queensland Rural and Industry Development Authority (QRIDA). The RIC launched on 1 July 2018.

The information sessions were delivered by interim CEO Matt Ryan.

“As a brand new organisation, it’s important for us to get out on the ground and talk to people about our loans, their uses and eligibility requirements,” Matt Ryan said.

“Eligible farmers can use our loans to refinance existing debt to boost cashflow now, or pay for future operating expenses and capital improvements. 

“Refinancing commercial debt means big savings on interest charges – in some cases $20,000 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.

“The drought hit hard here in 2014/15 and many farmers took out QRIDA’s concessional loans at the time. These farmers could consider refinancing those loans with us and taking advantage of the interest only period.”

“It’s so important that farmers don’t assume they’re ineligible for our loans. Instead visit us at www.ric.gov.au or call us on 1800 875 675 and tell us about your situation and what your business needs are. Our team is here to help.”

See attached our Loans at a Glance for more background information on the RIC’s farm business loans.

Media Contact: Julia Brown mobile: 0422 655 999 email: julia.brown@agriculture.gov.au