RIC milestones
RIC delivers concessional farm loans on behalf of the Australian Government to build a stronger, more sustainable agricultural industry.
2024
2023
May
Mark Tucker joins RIC Board.
An additional 30 employees recruited nationally.
June
2,921 loans settled at a value of $3.16 billion since start up.
July
RIC celebrates 5-year milestone on 1 July.
August
RIC launches Farm Relief Tool.
October
RIC insources all loan management systems and services, with full ownership of the customer experience.
November
RIC publishes inaugural RIC Farm Loans Customer Insights Report 2023.
2022
January
Bruce King resigns as CEO.
April
AgriStarter Loan eligibility expands to include share farmers and farm leasing business owners.
June
RIC reaches $3 billion in settled loans.
July
Loan eligibility criteria expands to include wider range of industry types.
November
John Howard appointed as CEO.
2021
January
AgriStarter Loan launches to support first generation and next generation farm businesses, including succession planning.
February
New Executive Leadership Team commences.
March
RIC reaches $1 billion in settled loans.
August
Sally Freeman and Mike Carroll join RIC Board.
October
RIC reaches $2 billion in settled loans.
December
RIC receives further loan funding for three years until FY 2026.
Applications open for Plantation Loans.
2020
January
RIC launches AgBiz Drought Loan
March
Karen Smith-Pomeroy appointed as Board Chair.
Drought Loan rules amended to expand eligibility criteria to include farm businesses located outside the affected area defined by UN Convention to Combat Desertification.
July
Australian Government announces $2 billion additional funding for farm business concessional loans, an additional $50 million in operational funding, and the expiry of interest-free terms for Drought and AgBiz Drought Loans by 30 September.
August
$500 million in loans settled since start up.
September
Drought Loan applications peak at 1,295 in a single month as interest-free eligibility closes.
October
National Water Infrastructure Loan Facility (NWILF) ends.
November
National recruitment campaign for 80 additional RIC employees commences.
2019
February
RIC office opens and first round of permanent staff commences.
April
Sharon Starick joins RIC Board.
June
AgRebuild Loan launches to support flood-affected Queensland farmers.
October
$100 million in loans settled since start up.
November
Australian Government announces 2 years interest-free for eligible Drought Loan applicants, and development of the AgBiz Drought Loan.
2018
May
Australian Government announces RIC office to be based in Orange, NSW.
RIC Board members appointed as David Foster (Chair), Lucia Cade, Mark Lewis and Prue Bondfield
July
RIC officially launches on 1 July with $1 billion in loan funding available to support farm businesses and $2 billion for National Water Infrastructure Facility (NWILF).
Matt Ryan appointed as interim CEO.
August
Farm business loan pool increases to $2 billion.
October
First major recruitment drive begins with 32 new positions.
December
Bruce King becomes inaugural CEO.
