Learn about what experience is required to be eligible for some RIC loans and what may be equivalent experience.
What you’ll learn:
- What three years of relevant on-farm experience means
- What RIC may consider as equivalent experience
- What evidence you need to show
What three years of relevant on-farm experience means
To be eligible for some RIC loans, you must show that you have at least three years of relevant on-farm or equivalent experience. If you, or a member of your farm business, has owned the business for three years or more, you meet this eligibility criteria.
What can be considered as ‘equivalent’ experience
If you, or a member of your farm business, have not owned your farm business for at least three years, RIC can consider what’s called ‘equivalent’ on-farm experience. Equivalent on-farm experience is assessed on a case-by-case basis. It could include showing that you have managed another farm business, Agribusiness qualifications, or experience working closely with the manager of a farm business. RIC will also accept family experience and background. So, for example, your equivalent experience may be that you grew up on and assisted your parents with the family farm.
The important thing to remember when you are ready to apply, is to present all the relevant experience, qualifications or knowledge that you have that may be counted as ‘equivalent experience’.
What evidence you need to show
If you are considering applying and you or a member of your farm haven’t owned your farm business for at least three years, include your equivalent experience in your application along with any related documentation.
If you have questions about significant financial impact, contact us.